UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
 CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): January 28, 2016
 REINSURANCE GROUP OF AMERICA, INCORPORATED
(Exact Name of Registrant as Specified in its Charter)

 	 	 	 	 	
Missouri	 	1-11848	 	43-1627032	
(State or Other Jurisdiction
of Incorporation)	 	(Commission
File Number)	 	(IRS Employer
Identification Number)	
16600 Swingley Ridge Road, Chesterfield, Missouri 63017
(Address of Principal Executive Office)

Registrant’s telephone number, including area code: (636) 736-7000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see  General Instruction A.2. below):

 	 	
r	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
r	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
r	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
r	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

 	
 	 	
Item 2.02	Results of Operations and Financial Condition.	
On January 28, 2016, Reinsurance Group of America, Incorporated issued (1) a press release (the “Press Release”) announcing its earnings for the three-month period ended December 31, 2015, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a quarterly financial supplement (the "Quarterly Financial Supplement") for the quarter ended December 31, 2015, a copy of which is attached hereto as Exhibit 99.2. The Press Release also notes that a conference call will be held on January 29, 2016 to discuss the financial and operating results for the three-month period ended December 31, 2015. The information set forth in this Current Report on Form 8-K, including the Press Release and Quarterly Financial Supplement, is being furnished and shall not be deemed to be "filed", as described in Instruction B.2 of Form 8-K.

 	
 	 	
Item 9.01	Financial Statements and Exhibits	
(d) Exhibits.

 	 	 	
 	 	 	
Exhibit No.	  	Exhibit	
99.1	  	Press Release of Reinsurance Group of America, Incorporated dated January 28, 2016	
 	 	
99.2	  	Quarterly Financial Supplement for the quarter ended December 31, 2015	

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 	 	 	 	 	 	 	
 	 	 	 	 	 	 	
 	 	 	REINSURANCE GROUP OF AMERICA, INCORPORATED	
 	 	 	 	
Date: January 28, 2016	 	 	By:	 	  /s/ Jack B. Lay	
 	 	 	 	 	Jack B. Lay	
 	 	 	 	 	Senior Executive Vice President and Chief Financial Officer	

EXHIBIT INDEX

 	 	 	
Exhibit Number	  	Description	
 	 	
99.1	  	Press Release dated January 28, 2016	
 	 	
99.2	  	Quarterly Financial Supplement for the quarter ended December 31, 2015	

Exhibit 99.1

PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS FOURTH-QUARTER RESULTS
 	 	
•	Earnings per diluted share: operating income* $2.84, net income $2.46	
 	 	
•	Full-year operating return on equity* 11 percent	
 	 	
•	Continuing strong performance by Global Financial Solutions (GFS) and International segments; much-improved results in Canada	
 	 	
•	Deployed approximately $500 million toward block transactions and repurchased $375 million of shares for the full year	
 	 	
•	A stronger U.S. dollar reduced operating EPS* by $0.18 in Q4 and $0.53 for the full year	

ST. LOUIS, January 28, 2016 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life reinsurance, reported operating income* of $188.0 million, or $2.84 per diluted share, compared to $208.3 million, or $2.99 per diluted share, in the prior-year quarter. A relatively stronger U.S. dollar adversely affected fourth-quarter results by $0.18 per share. Enactment of the Active Financing Exception (AFE) added $0.36 per diluted share in Q4; there was no AFE impact for the full year. In the prior-year period, tax-related adjustments benefited the fourth quarter by $0.55 per share. Net income totaled $163.1 million, or $2.46 per diluted share, compared to $191.1 million, or $2.75 per diluted share, the year before.

 	 	Quarterly Results	 	Year-to-Date Results	
($ in thousands, except per share data)	 	2015	 	2014	 	2015	 	2014	
Net premiums	 	$	2,328,501	
 	 	$	2,217,772	
 	 	$	8,570,741	
 	 	$	8,669,854	
 	
Net income	 	163,127	
 	 	191,091	
 	 	502,166	
 	 	684,047	
 	
Net income per diluted share	 	2.46	
 	 	2.75	
 	 	7.46	
 	 	9.78	
 	
Operating income*	 	187,950	
 	 	208,288	
 	 	567,084	
 	 	638,049	
 	
Operating income per diluted share*	 	2.84	
 	 	2.99	
 	 	8.43	
 	 	9.12	
 	
Book value per share	 	94.09	
 	 	102.13	
 	 	 	 	 	
Book value per share (excl. Accumulated Other Comprehensive Income “AOCI”)*	 	83.23	
 	 	78.03	
 	 	 	 	 	
Total assets	 	50,383,152	
 	 	44,654,300	
 	 	 	 	 	
* See "Use of Non-GAAP Financial Measures" below	
Full-year operating income decreased to $567.1 million, or $8.43 per diluted share, from $638.0 million, or $9.12 per diluted share, the year before. Net adverse foreign currency fluctuations reduced 2015 operating income by $55.2 million, or $0.53 per share. Net premiums were down 1 percent for the current year in reported U.S. dollars and up 4 percent in original currencies. Excluding the adverse foreign currency fluctuations and the effect of a large retrocession agreement executed in the fourth quarter of 2014, net premiums increased 8 percent in 2015. Full-year 2015 net income totaled $502.2 million, or $7.46 per diluted share, versus $684.0 million, or $9.78 per diluted share, in 2014.

For the fourth quarter, consolidated net premiums increased 5 percent and totaled $2.3 billion, including adverse foreign currency effects of approximately $108 million. Original currency premiums increased 10 percent over the prior-year quarter, including contributions from new block transactions. Investment
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income increased 4 percent to $467.5 million from $451.6 million a year ago, primarily attributable to a growing asset base, although the ongoing low interest rate environment continues to put pressure on the portfolio yield and investment income. The average investment yield, excluding spread businesses, was 4.96 percent this quarter, slightly higher than the prior-year quarter, and 30 basis points higher than the third quarter, due primarily to higher variable investment income and a fourth-quarter transaction that included investment income retroactive to January 1.

The effective tax rate on operating income was 23.9 percent this quarter, reflecting a significant decrease in the company’s tax provision associated with Congress permanently enacting the AFE legislation in December. As a result, the company’s tax provision was reduced by $23.7 million, or $0.36 per diluted share. For the full year, there was no AFE effect, and the effective tax rate was 33.1 percent.

Greig Woodring, chief executive officer, commented, “We are pleased to close out the year on a high note, as our fourth-quarter operating earnings of $2.84 per diluted share were strong, even after excluding a tax benefit of $0.36 per share related to the reversal of the AFE accruals. The quarter was highlighted by excellent results in Asia Pacific and Canada, while contributions from our ongoing in-force acquisitions and effective capital management actions were important as well.

“For the year, operating earnings per share of $8.43 was also strong, despite the sizeable negative effect of foreign currency movements and a difficult year for our U.S. Mortality business. All our International operations performed well, and our Global Financial Solutions business continued to make a strong contribution across our global platform. Our operating return on equity was 11 percent in 2015, and our balance sheet remains strong.

“Our strong capital position has allowed us to pursue and execute attractive in-force transactions and manage capital effectively through active share repurchases. For the year, we deployed more than $500 million toward in-force transactions, including approximately $250 million in the fourth quarter. We also repurchased $375 million of common shares in 2015, including $51 million in the fourth quarter, and our board approved a new authorization of $400 million, replacing the previous authorization. Over the past two years, we have deployed a total of $1.3 billion toward transactions and share repurchases, and have reduced shares outstanding by roughly 8 percent. Our deployable excess capital position is approximately $600 million.

“Looking forward, while the macro environment continues to be challenging in certain respects, we are optimistic about our ability to execute collectively across the organization.”
 
Book value per share at year-end 2015 was $94.09 including AOCI, and $83.23 excluding AOCI, an 8 percent increase over 2014 on a total return basis.

SEGMENT RESULTS

U.S. and Latin America

Traditional

The U.S. and Latin America Traditional segment reported fourth-quarter pre-tax operating income of $79.0 million, down from 2014’s unusually strong $134.1 million. Current-period results were primarily
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driven by poor experience in the Group business. Individual mortality experience was also unfavorable, but to a lesser degree, due to higher average claim size on policies under $1 million. The unfavorable experience was partly offset by growing contributions from in-force transactions. For the full year, pre-tax operating income decreased to $233.5 million compared to $350.2 million in 2014. Pre-tax net income decreased to $79.5 million from $128.9 million during the fourth quarter, and decreased 33 percent to $235.8 million for the full year.

Traditional net premiums increased 12 percent from last year’s fourth quarter to $1.4 billion, including the effect of several block transactions added during 2015. Excluding those new transactions, net premiums were up 6 percent. For the full year, net premiums increased 2 percent and totaled $4.8 billion. Without the effect of the retrocession agreement executed in the fourth quarter of 2014, net premiums rose 9 percent in 2015.

Non-Traditional

The Asset-Intensive business reported pre-tax operating income of $47.6 million compared to a very strong $56.0 million in the fourth quarter of 2014. The year-ago quarter benefited from $12 million in commercial loan prepayments, while this year reflected a contribution from the acquisition of Aurora National Life Assurance Company completed earlier in 2015. Full-year pre-tax operating income totaled $199.6 million compared to $199.0 million in 2014, with both periods benefiting from favorable interest rate spreads; the year-ago period also included unusually high mortgage and bond prepayments. Pre-tax net income decreased 10 percent to $30.9 million during the fourth quarter, and declined to $152.9 million from $250.7 million for the full year.

The Financial Reinsurance business reported pre-tax operating income of $15.9 million, a 27 percent increase over last year’s fourth quarter. For the year, pre-tax operating income rose 5 percent to $55.0 million. Pre-tax net income increased 29 percent to $15.9 million during the fourth quarter, and was up modestly to $55.0 million from $52.3 million for the full year.

Canada

Traditional

The Canada Traditional business reported pre-tax operating income of $45.1 million this quarter, versus $18.2 million in the prior-year quarter, as individual mortality experience was much better than expected and enough to overcome a foreign currency headwind of $7.8 million. For the full year, pre-tax operating income increased to $123.8 million from $92.3 million in 2014. Pre-tax net income increased to $44.6 million from $19.8 million during the fourth quarter, and 30 percent to $124.2 million for the full year.

Fourth-quarter reported net premiums decreased 16 percent to $201.4 million, primarily due to the weaker Canadian dollar, but only 2 percent on an original currency basis. For the full year, net premiums reported in U.S. dollars were down 12 percent, but up 2 percent in Canadian dollars.

Non-Traditional

The Canada Non-Traditional business segment, which consists of longevity and fee-based transactions, posted pre-tax operating income of $3.4 million this quarter, compared to $1.7 million in the prior-year
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quarter. Full-year pre-tax operating income increased to $13.9 million from $6.2 million in 2014. Pre-tax
net income increased to $3.4 million from $1.7 million during the fourth quarter, and increased to $13.9 million from $6.3 million for the full year.

Europe, Middle East and Africa (EMEA)

Traditional

The EMEA Traditional segment reported pre-tax operating income of $12.9 million compared to $9.9 million the year before, as underwriting experience in this year’s period was generally in line with expectations. Net foreign currency fluctuations adversely affected pre-tax operating income by $1.3 million this quarter. For the full year, pre-tax operating income declined to $48.1 million from $51.1 million in 2014. Pre-tax net income decreased 3 percent to $12.9 million during the fourth quarter, and 20 percent to $48.4 million for the full year.

Net reported premiums were up 4 percent to $299.9 million from $288.2 million in the prior-year quarter. Net premiums increased 13 percent in original currencies. For the full year, reported net premiums decreased 3 percent to $1,121.5 million, while net premiums on an original currency basis increased 7 percent.

Non-Traditional

The EMEA Non-Traditional segment includes asset-intensive, longevity and fee-based transactions. Fourth-quarter pre-tax operating income of $18.8 million was solid, although below a strong $23.9 million in the year-ago period. The current-period result reflects adverse net foreign currency fluctuations of $1.4 million. For the full year, pre-tax operating income increased to $98.1 million from $85.3 million in 2014. Pre-tax net income increased 5 percent to $28.1 million during the fourth quarter, and increased 7 percent to $108.4 million for the full year.

Asia Pacific

Traditional

Asia Pacific’s Traditional business pre-tax operating income was very strong, totaling $35.7 million, versus $18.0 million in the prior-year quarter. Overall claims experience was better than expected, with strong performance in most markets, including Australia. Net adverse foreign currency fluctuations lowered pre-tax operating income by $4.2 million this period. For the full year, pre-tax operating income increased to $105.7 million from $87.7 million in 2014. Pre-tax net income increased to $37.4 million from $19.2 million during the fourth quarter, and increased 17 percent to $105.7 million for the full year. The prior-year result was hampered by investment related losses.

Traditional net premiums decreased 1 percent to $388.7 million, net of $43 million in adverse currency effects, compared to the prior year. Net premiums were up 11 percent in original currencies this quarter. For the year, net premiums were up 1 percent on a U.S. dollar basis and 14 percent in original currencies.

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Non-Traditional

Asia Pacific’s Non-Traditional business includes asset-intensive, fee-based and various other transactions. Current-quarter pre-tax operating income decreased to $5.4 million from $7.2 million in the prior-year period due to unfavorable experience on an existing treaty. For the full year, pre-tax operating income increased to $22.5 million from $19.0 million in 2014. Pre-tax net income increased to $5.5 million from $1.4 million during the fourth quarter, and rose to $19.6 million from $11.7 million for the full year.

Corporate and Other

The Corporate and Other segment posted a pre-tax operating loss of $16.7 million contrasted with pre-tax operating income of $22.6 million in the fourth quarter of 2014. The year-ago period reflected a significant reduction in tax-related interest expense. For the full year, pre-tax operating losses were $52.0 million versus $1.3 million in 2014. Pre-tax net losses were $51.5 million this quarter, including net investment related losses, compared to pre-tax net income of $18.9 million a year ago. For the full year, pre-tax net losses increased to $119.1 million from $11.7 million in 2014.

Company Guidance

On an annual basis, the company provides financial guidance based upon the intermediate term rather than giving a range of annual earnings per share for an upcoming year. This better reflects the long-term nature of the business and the difficulty in predicting the timing of shorter-term or periodic events such as block transactions. The company accepts risks over very long periods of time, up to 30 years or longer in some cases. While more predictable over longer-term horizons, RGA’s business is subject to inherent short-term volatility.

Over the intermediate term, the company targets growth in operating income per share in the 5 to 8 percent range, and operating return on equity of 10 to 12 percent. It is presumed that there are no significant changes in the investment environment from current levels, and the company will deploy $300 million to $400 million of excess capital, on average, annually. These guidance ranges are based upon “normalized” results. The operating EPS target range is unchanged from a year ago, while the operating return on equity range was widened slightly from 11 to 12 percent. The wider return on equity range better reflects the potential for variability in the results due to influences from macro issues, notably foreign exchange and interest rates.

Jack B. Lay, chief financial officer, commented, “We have faced significant macro headwinds in terms of weak foreign currencies and sustained low interest rates over the past several years, and we assume this will continue to be the case for the foreseeable future. However, we believe that our EPS range is appropriate, and we expect the combination of organic growth, execution of block transactions and efficient capital management to mitigate those headwinds and allow us to reach our financial targets.”

Stock Repurchase Authorization

The board of directors authorized a share repurchase program for up to $400 million of the company’s

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outstanding common stock, replacing the previous share repurchase authorization. This new authorization
is effective immediately and does not have an expiration date. Repurchases would be made in accordance with applicable securities laws and would be made through market transactions, block trades, privately negotiated transactions or other means, or a combination of these methods, with the timing and number of
shares repurchased dependent on a variety of factors, including share price, corporate and regulatory requirements, and market and business conditions. Repurchases may be commenced or suspended from time to time without prior notice.

Dividend Declaration

The board of directors declared a regular quarterly dividend of $0.37, payable March 1 to shareholders of record as of February 9.

Earnings Conference Call

A conference call to discuss fourth-quarter results will begin at 9 a.m. Eastern Time on Friday, January 29. Interested parties may access the call by dialing 1-877-548-7905 (domestic) or 719-325-4894 (international). The access code is 3331176. A live audio webcast of the conference call will be available on the company’s investor relations website at  www.rgare.com .

A replay of the conference call will be available at the same address for 90 days following the conference call. A telephonic replay also will be available through February 6 at 888-203-1112 (domestic) or 719-457-0820 (international), access code 3331176.

The company has posted to its website a Quarterly Financial Supplement that includes financial information for all segments as well as information on its investment portfolio. Additionally, the company posts periodic reports, press releases and other useful information on its investor relations website.

Use of Non-GAAP Financial Measures

RGA uses a non-GAAP financial measure called operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s management incentive programs. Management believes that operating income, on a pre-tax and after‑tax basis, better measures the ongoing profitability and underlying trends of the company’s continuing operations, primarily because that measure excludes substantially all of the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition costs. These items can be volatile, primarily due to the credit market and interest rate environment, and are not necessarily indicative of the performance of the company’s underlying businesses. Additionally, operating income excludes any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, and other items that management believes are not indicative of the company’s ongoing operations. The definition of operating income can vary by company and is not considered a substitute for GAAP net income.

Reconciliations to GAAP net income are provided in the following tables. Additional financial information can be found in the Quarterly Financial Supplement on RGA’s Investor Relations
website at www.rgare.com in the “Quarterly Results” tab and in the “Featured Report” section.

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Book value per share before impact of AOCI is a non-GAAP financial measure that management believes is important in evaluating the balance sheet in order to ignore the effects of unrealized amounts primarily associated with mark-to-market adjustments on investments and foreign currency translation.

Operating income per diluted share is a non-GAAP financial measure calculated as operating income divided by weighted average diluted shares outstanding. Operating return on equity is a non-GAAP financial measure calculated as operating income divided by average shareholders’ equity excluding AOCI.

About RGA

Reinsurance Group of America, Incorporated is among the largest global providers of life reinsurance, with operations in Australia, Barbados, Bermuda, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Singapore, South Africa, South Korea, Spain, Taiwan, Turkey, the United Arab Emirates, the United Kingdom and the United States. Worldwide, the company has approximately $3.0 trillion of life reinsurance in force, and assets of $50.4 billion.

Cautionary Statement Regarding Forward-looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements relating to projections of the earnings, revenues, income or loss, future financial performance and growth potential of Reinsurance Group of America, Incorporated and its subsidiaries (which we refer to in the following paragraphs as “we,” “us” or “our”). The words “intend,” “expect,” “project,” “estimate,” “predict,” “anticipate,” “should,” “believe,” and other similar expressions also are intended to identify forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results, performance and achievements could differ materially from those set forth in, contemplated by or underlying the forward-looking statements.

Numerous important factors could cause actual results and events to differ materially from those expressed or implied by forward-looking statements including, without limitation, (1) adverse capital and credit market conditions and their impact on the Company’s liquidity, access to capital and cost of capital, (2) the impairment of other financial institutions and its effect on the Company’s business, (3) requirements to post collateral or make payments due to declines in market value of assets subject to the Company’s collateral arrangements, (4) the fact that the determination of allowances and impairments taken on the Company’s investments is highly subjective, (5) adverse changes in mortality, morbidity, lapsation or claims experience, (6) changes in the Company’s financial strength and credit ratings and the effect of such changes on the Company’s future results of operations and financial condition, (7) inadequate risk analysis and underwriting, (8) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in the Company’s current and planned markets, (9) the availability and cost of collateral necessary for regulatory reserves and capital, (10) market or economic conditions that adversely affect the value of the Company’s investment securities or result in the impairment of all or a portion of the value of certain of the Company’s investment securities, that in turn could affect regulatory capital, (11) market or economic conditions that adversely affect the Company’s ability to make timely sales of investment securities, (12) risks inherent in the Company’s risk management and investment strategy, including changes in investment portfolio yields due to interest rate
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or credit quality changes, (13) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (14) adverse litigation or arbitration results, (15) the adequacy of reserves, resources and accurate information relating to settlements, awards and terminated and discontinued lines of business, (16) the stability of and actions by governments and economies in the
markets in which the Company operates, including ongoing uncertainties regarding the amount of United States sovereign debt and the credit ratings thereof, (17) competitive factors and competitors’ responses to the Company’s initiatives, (18) the success of the Company’s clients, (19) successful execution of the Company’s entry into new markets, (20) successful development and introduction of new products and distribution opportunities, (21) the Company’s ability to successfully integrate acquired blocks of business and entities, (22) action by regulators who have authority over the Company’s reinsurance operations in the jurisdictions in which it operates, (23) the Company’s dependence on third parties, including those insurance companies and reinsurers to which the Company cedes some reinsurance, third-party investment managers and others, (24) the threat of natural disasters, catastrophes, terrorist attacks, epidemics or pandemics anywhere in the world where the Company or its clients do business, (25) interruption or failure of the Company’s telecommunication, information technology or other operational systems, or the Company’s failure to maintain adequate security to protect the confidentiality or privacy of personal or sensitive data stored on such systems, (26) changes in laws, regulations, and accounting standards applicable to the Company, its subsidiaries, or its business, (27) the effect of the Company’s status as an
insurance holding company and regulatory restrictions on its ability to pay principal of and interest on its debt obligations, and (28) other risks and uncertainties described in this document and in the Company’s other filings with the SEC.

Forward-looking statements should be evaluated together with the many risks and uncertainties that affect our business, including those mentioned in this document and described in the periodic reports we file with the Securities and Exchange Commission. These forward-looking statements speak only as of the date on which they are made. We do not undertake any obligations to update these forward-looking statements, even though our situation may change in the future. We qualify all of our forward-looking statements by these cautionary statements. For a discussion of the risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to review the risk factors in our Annual Report on Form 10-K for the year ended December 31, 2014.

Investor Contact
Jeff Hopson
Senior Vice President - Investor Relations
(636) 736-7000

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Consolidated Net Income to Operating Income
(Dollars in thousands)

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended 
 December 31,	 	Twelve Months Ended 
 December 31,	
 	2015	 	2014	 	2015	 	2014	
GAAP net income	$	163,127	
 	 	$	191,091	
 	 	$	502,166	
 	 	$	684,047	
 	
Reconciliation to operating income:	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	40,203	
 	 	(15,281	)	 	30,020	
 	 	(64,625	)	
Capital (gains) losses on funds withheld, included in investment income	161	
 	 	(891	)	 	(10,640	)	 	(8,590	)	
Embedded derivatives:	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	(6,004	)	 	43,826	
 	 	85,789	
 	 	(44,941	)	
Included in interest credited	(917	)	 	(236	)	 	(8,178	)	 	(274	)	
DAC offset, net	(8,542	)	 	(9,914	)	 	(31,996	)	 	72,721	
 	
Non-investment derivatives	(78	)	 	(307	)	 	(77	)	 	(289	)	
Operating income	$	187,950	
 	 	$	208,288	
 	 	$	567,084	
 	 	$	638,049	

Reconciliation of Consolidated Pre-tax Net Income to Pre-tax Operating Income
(Dollars in thousands)

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended 
 December 31,	 	Twelve Months Ended 
 December 31,	
 	2015	 	2014	 	2015	 	2014	
Income before income taxes	$	206,743	
 	 	$	276,743	
 	 	$	744,795	
 	 	$	1,008,533	
 	
Reconciliation to pre-tax operating income:	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	64,034	
 	 	(22,453	)	 	49,586	
 	 	(95,308	)	
Capital (gains) losses on funds withheld, included in investment income	246	
 	 	(1,371	)	 	(16,370	)	 	(13,215	)	
Embedded derivatives:	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	(9,236	)	 	67,424	
 	 	131,984	
 	 	(69,141	)	
Included in interest credited	(1,412	)	 	(362	)	 	(12,582	)	 	(421	)	
DAC offset, net	(13,142	)	 	(15,253	)	 	(49,225	)	 	111,879	
 	
Non-investment derivatives	(120	)	 	(472	)	 	(118	)	 	(444	)	
Pre-tax operating income	$	247,113	
 	 	$	304,256	
 	 	$	848,070	
 	 	$	941,883	

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Pre-tax Net Income to Pre-tax Operating Income
(Dollars in thousands)

(Unaudited)	Three Months Ended December 31, 2015	
 	Pre-tax net income (loss)	 	Capital
(gains) losses,
derivatives
and other, net	 	Change in
value of
embedded
derivatives, net	 	Pre-tax
operating
income (loss)	
U.S. and Latin America:	 	 	 	 	 	 	 	
Traditional	$	79,483	
 	 	$	203	
 	 	$	(696	)	 	$	78,990	
 	
Non-Traditional:	 	 	 	 	 	 	 	
Asset Intensive	30,874	
 	 	124,163	
 	(1) 	(107,441	)	(2) 	47,596	
 	
Financial Reinsurance	15,936	
 	 	—	
 	 	—	
 	 	15,936	
 	
Total U.S. and Latin America	126,293	
 	 	124,366	
 	 	(108,137	)	 	142,522	
 	
Canada Traditional	44,640	
 	 	446	
 	 	—	
 	 	45,086	
 	
Canada Non-Traditional	3,420	
 	 	—	
 	 	—	
 	 	3,420	
 	
Total Canada	48,060	
 	 	446	
 	 	—	
 	 	48,506	
 	
EMEA Traditional	12,859	
 	 	—	
 	 	—	
 	 	12,859	
 	
EMEA Non-Traditional	28,145	
 	 	(9,366	)	 	—	
 	 	18,779	
 	
Total EMEA	41,004	
 	 	(9,366	)	 	—	
 	 	31,638	
 	
Asia Pacific Traditional	37,415	
 	 	(1,706	)	 	—	
 	 	35,709	
 	
Asia Pacific Non-Traditional	5,467	
 	 	(17	)	 	—	
 	 	5,450	
 	
Total Asia Pacific	42,882	
 	 	(1,723	)	 	—	
 	 	41,159	
 	
Corporate and Other	(51,496	)	 	34,784	
 	 	—	
 	 	(16,712	)	
Consolidated	$	206,743	
 	 	$	148,507	
 	 	$	(108,137	)	 	$	247,113	

(1)	Asset Intensive is net of $84,347 DAC offset.	
 	 	
(2)	Asset Intensive is net of $(97,489) DAC offset.	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended December 31, 2014	
 	Pre-tax net income	 	Capital
(gains) losses,
derivatives
and other, net	 	Change in
value of
embedded
derivatives, net	 	Pre-tax
operating
income	
U.S. and Latin America:	 	 	 	 	 	 	 	
Traditional	$	128,852	
 	 	$	4,235	
 	 	$	1,033	
 	 	$	134,120	
 	
Non-Traditional:	 	 	 	 	 	 	 	
Asset Intensive	34,478	
 	 	48,572	
 	(1) 	(27,036	)	(2) 	56,014	
 	
Financial Reinsurance	12,368	
 	 	162	
 	 	—	
 	 	12,530	
 	
Total U.S. and Latin America	175,698	
 	 	52,969	
 	 	(26,003	)	 	202,664	
 	
Canada Traditional	19,833	
 	 	(1,635	)	 	—	
 	 	18,198	
 	
Canada Non-Traditional	1,739	
 	 	(8	)	 	—	
 	 	1,731	
 	
Total Canada	21,572	
 	 	(1,643	)	 	—	
 	 	19,929	
 	
EMEA Traditional	13,229	
 	 	(3,330	)	 	—	
 	 	9,899	
 	
EMEA Non-Traditional	26,710	
 	 	(2,826	)	 	—	
 	 	23,884	
 	
Total EMEA	39,939	
 	 	(6,156	)	 	—	
 	 	33,783	
 	
Asia Pacific Traditional	19,220	
 	 	(1,193	)	 	—	
 	 	18,027	
 	
Asia Pacific Non-Traditional	1,423	
 	 	5,803	
 	 	—	
 	 	7,226	
 	
Total Asia Pacific	20,643	
 	 	4,610	
 	 	—	
 	 	25,253	
 	
Corporate and Other	18,891	
 	 	3,736	
 	 	—	
 	 	22,627	
 	
Consolidated	$	276,743	
 	 	$	53,516	
 	 	$	(26,003	)	 	$	304,256	

(1)	Asset Intensive is net of $77,812 DAC offset.	
 	 	
(2)	Asset Intensive is net of $(93,065) DAC offset.	

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Add Nine
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Pre-tax Net Income to Pre-tax Operating Income
(Dollars in thousands)

(Unaudited)	Twelve Months Ended December 31, 2015	
 	Pre-tax net income (loss)	 	Capital
(gains) losses,
derivatives
and other, net	 	Change in
value of
embedded
derivatives, net	 	Pre-tax
operating
income (loss)	
U.S. and Latin America:	 	 	 	 	 	 	 	
Traditional	$	235,771	
 	 	$	201	
 	 	$	(2,507	)	 	$	233,465	
 	
Non-Traditional:	 	 	 	 	 	 	 	
Asset Intensive	152,946	
 	 	(37,872	)	(1) 	84,488	
 	(2) 	199,562	
 	
Financial Reinsurance	55,017	
 	 	—	
 	 	—	
 	 	55,017	
 	
Total U.S. and Latin America	443,734	
 	 	(37,671	)	 	81,981	
 	 	488,044	
 	
Canada Traditional	124,175	
 	 	(364	)	 	—	
 	 	123,811	
 	
Canada Non-Traditional	13,902	
 	 	—	
 	 	—	
 	 	13,902	
 	
Total Canada	138,077	
 	 	(364	)	 	—	
 	 	137,713	
 	
EMEA Traditional	48,410	
 	 	(338	)	 	—	
 	 	48,072	
 	
EMEA Non-Traditional	108,445	
 	 	(10,359	)	 	—	
 	 	98,086	
 	
Total EMEA	156,855	
 	 	(10,697	)	 	—	
 	 	146,158	
 	
Asia Pacific Traditional	105,654	
 	 	—	
 	 	—	
 	 	105,654	
 	
Asia Pacific Non-Traditional	19,619	
 	 	2,899	
 	 	—	
 	 	22,518	
 	
Total Asia Pacific	125,273	
 	 	2,899	
 	 	—	
 	 	128,172	
 	
Corporate and Other	(119,144	)	 	67,127	
 	 	—	
 	 	(52,017	)	
Consolidated	$	744,795	
 	 	$	21,294	
 	 	$	81,981	
 	 	$	848,070	

(1)	Asset Intensive is net of $(11,804) DAC offset.	
 	 	
(2)	Asset Intensive is net of $(37,421) DAC offset.	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Twelve Months Ended December 31, 2014	
 	Pre-tax net income (loss)	 	Capital
(gains) losses,
derivatives
and other, net	 	Change in
value of
embedded
derivatives, net	 	Pre-tax
operating
income (loss)	
U.S. and Latin America:	 	 	 	 	 	 	 	
Traditional	$	351,645	
 	 	$	(4,542	)	 	$	3,099	
 	 	$	350,202	
 	
Non-Traditional:	 	 	 	 	 	 	 	
Asset Intensive	250,686	
 	 	61,020	
 	(1) 	(112,684	)	(2) 	199,022	
 	
Financial Reinsurance	52,258	
 	 	111	
 	 	—	
 	 	52,369	
 	
Total U.S. and Latin America	654,589	
 	 	56,589	
 	 	(109,585	)	 	601,593	
 	
Canada Traditional	95,435	
 	 	(3,106	)	 	—	
 	 	92,329	
 	
Canada Non-Traditional	6,265	
 	 	(80	)	 	—	
 	 	6,185	
 	
Total Canada	101,700	
 	 	(3,186	)	 	—	
 	 	98,514	
 	
EMEA Traditional	60,305	
 	 	(9,188	)	 	—	
 	 	51,117	
 	
EMEA Non-Traditional	101,337	
 	 	(16,034	)	 	—	
 	 	85,303	
 	
Total EMEA	161,642	
 	 	(25,222	)	 	—	
 	 	136,420	
 	
Asia Pacific Traditional	90,602	
 	 	(2,939	)	 	—	
 	 	87,663	
 	
Asia Pacific Non-Traditional	11,693	
 	 	7,326	
 	 	—	
 	 	19,019	
 	
Total Asia Pacific	102,295	
 	 	4,387	
 	 	—	
 	 	106,682	
 	
Corporate and Other	(11,693	)	 	10,367	
 	 	—	
 	 	(1,326	)	
Consolidated	$	1,008,533	
 	 	$	42,935	
 	 	$	(109,585	)	 	$	941,883	

(1)	Asset Intensive is net of $151,902 DAC offset.	
 	 	
(2)	Asset Intensive is net of $(40,023) DAC offset.	

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Add Ten
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Per Share and Shares Data
(In thousands, except per share data)

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended 
 December 31,	 	Twelve Months Ended 
 December 31,	
 	2015	 	2014	 	2015	 	2014	
Diluted earnings per share from operating income	$	2.84	
 	 	$	2.99	
 	 	$	8.43	
 	 	$	9.12	
 	
Earnings per share from net income:	 	 	 	 	 	 	 	
Basic earnings per share	$	2.49	
 	 	$	2.78	
 	 	$	7.55	
 	 	$	9.88	
 	
Diluted earnings per share	$	2.46	
 	 	$	2.75	
 	 	$	7.46	
 	 	$	9.78	
 	
Weighted average number of common and common equivalent shares outstanding	66,247	
 	 	69,550	
 	 	67,292	
 	 	69,962	

 	
 	 	 	 	 	 	 	 	
(Unaudited)	At or for the Nine Months
Ended September 30,	
 	2015	 	2014	
Treasury shares	13,933	
 	 	10,365	
 	
Common shares outstanding	65,205	
 	 	68,773	
 	
Book value per share outstanding	$	94.09	
 	 	$	102.13	
 	
Book value per share outstanding, before impact of AOCI	$	83.23	
 	 	$	78.03	

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Add Eleven
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Dollars in thousands)

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended 
 December 31,	 	Twelve Months Ended 
 December 31,	
 	2015	 	2014	 	2015	 	2014	
Revenues:	 	 	 	 	 	 	 	
Net premiums	$	2,328,501	
 	 	$	2,217,772	
 	 	$	8,570,741	
 	 	$	8,669,854	
 	
Investment income, net of related expenses	467,468	
 	 	451,603	
 	 	1,734,495	
 	 	1,713,691	
 	
Investment related gains (losses), net:	 	 	 	 	 	 	 	
Other-than-temporary impairments on fixed maturity securities	(27,605	)	 	(6,347	)	 	(57,380	)	 	(7,766	)	
Other investment related gains (losses), net	(17,204	)	 	(32,876	)	 	(107,370	)	 	193,959	
 	
Total investment related gains (losses), net	(44,809	)	 	(39,223	)	 	(164,750	)	 	186,193	
 	
Other revenue	77,431	
 	 	67,261	
 	 	277,692	
 	 	334,456	
 	
Total revenues	2,828,591	
 	 	2,697,413	
 	 	10,418,178	
 	 	10,904,194	
 	
Benefits and expenses:	 	 	 	 	 	 	 	
Claims and other policy benefits	2,015,929	
 	 	1,866,042	
 	 	7,489,382	
 	 	7,406,641	
 	
Interest credited	105,032	
 	 	103,523	
 	 	336,964	
 	 	451,031	
 	
Policy acquisition costs and other insurance expenses	300,329	
 	 	290,775	
 	 	1,127,486	
 	 	1,391,433	
 	
Other operating expenses	158,556	
 	 	166,280	
 	 	554,044	
 	 	538,415	
 	
Interest expense	35,820	
 	 	(9,660	)	 	142,863	
 	 	96,700	
 	
Collateral finance and securitization expense	6,182	
 	 	3,710	
 	 	22,644	
 	 	11,441	
 	
Total benefits and expenses	2,621,848	
 	 	2,420,670	
 	 	9,673,383	
 	 	9,895,661	
 	
Income before income taxes	206,743	
 	 	276,743	
 	 	744,795	
 	 	1,008,533	
 	
Provision for income taxes	43,616	
 	 	85,652	
 	 	242,629	
 	 	324,486	
 	
Net income	$	163,127	
 	 	$	191,091	
 	 	$	502,166	
 	 	$	684,047	
 	
# # #

Exhibit 99.2

Financial Supplement
Fourth Quarter 2015
(Unaudited)

World Headquarters	  	Internet address	 	Contacts:	
16600 Swingley Ridge Road	  	www.rgare.com	 	Jack B. Lay	
Chesterfield, Missouri 63017 U.S.A.	  	 	 	Senior Executive Vice President	
 	 	 	 	and Chief Financial Officer	
 	 	 	 	Phone: (636) 736-7000	
 	 	 	 	e-mail: jlay@rgare.com	
 	 	 	 	 	
 	 	 	 	Jeff Hopson	
 	 	 	 	Sr. Vice President, Investor Relations	
 	 	 	 	Phone: (636) 736-2068	
 	 	 	 	e-mail: jhopson@rgare.com	

 	
 	 	 	 	 	 	 	
Current Ratings	
 	 	 	 	
 	 	Standard & Poor’s	 	A.M. Best	 	Moody’s	
Financial Strength Ratings	 	 	 	 	 	 	
RGA Reinsurance Company	 	AA-	 	A+	 	A1	
RGA Life Reinsurance Company of Canada	 	AA-	 	A+	 	NR	
RGA International Reinsurance Company Limited	 	AA-	 	NR	 	NR	
RGA Global Reinsurance Company Limited	 	AA-	 	NR	 	NR	
RGA Reinsurance Company of Australia Limited	 	AA-	 	NR	 	NR	
RGA Americas Reinsurance Company, Ltd.	 	AA-	 	A+	 	NR	
RGA Atlantic Reinsurance Company Ltd.	 	NR	 	A+	 	NR	
Senior Debt Ratings	 	 	 	 	 	 	
Reinsurance Group of America, Incorporated	 	A-	 	a-	 	Baa1	
Our common stock is traded on the New York Stock Exchange under the symbol “RGA.”

 

Reinsurance Group of America, Incorporated
Financial Supplement
4th Quarter 2015
Table of Contents

 	 	
 	Page	
Non-GAAP Disclosures	1	
 	 	
       2016 Guidance	2	
 	 	
2015 Notes	3	
 	 	
Consolidated	 	
 	 	
Financial Highlights	4	
 	 	
Consolidated Income Statement (incl. Operating Income Reconciliation)	5	
 	 	
Consolidated Operating Income Statement	6	
 	 	
Consolidated Balance Sheets	7	
 	 	
Segment Pre-tax Operating Income Summaries and Reconciliations to U.S. GAAP	 	
 	 	
U.S. and Latin America Operations	8	
 	 	
Canada Operations	12	
 	 	
Europe, Middle East & Africa Operations	14	
 	 	
Asia Pacific Operations	16	
 	 	
Corporate and Other	18	
 	 	
Summary of Pre-tax Segment Operating Income	19	
 	 	
Investments	 	
 	 	
Cash and Invested Assets, Yield Summary	20	
 	 	
Amortized Cost, Gross Unrealized Gains and Losses, Estimated Fair Values of Fixed Maturity and Equity Securities	21	
 	 	
Corporate Securities by Sector	22	
 	 	
Quality of Fixed Maturity Securities and Structured Fixed Maturity Securities	23	
 	 	
Gross Unrealized Losses Aging	24	
 	 	
Fixed Maturity and Equity Securities Below Amortized Cost	25	
 	 	
Consolidated Gross Gains and Losses	26	

Reinsurance Group of America, Incorporated
Financial Supplement
This Financial Supplement is for information purposes only and includes unaudited figures. This report should be read in conjunction with documents filed by Reinsurance Group of America, Incorporated ("RGA") with the SEC.
Non-GAAP Disclosures
RGA uses a non-GAAP financial measure called operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s management incentive programs. Management believes that operating income, on a pre-tax and after-tax basis, better measures the ongoing profitability and underlying trends of the company’s continuing operations, primarily because that measure excludes substantially all of the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition costs. These items can be volatile, primarily due to the credit market and interest rate environment and are not necessarily indicative of the performance of the company’s underlying businesses. Additionally, operating income excludes any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, and other items that management believes are not indicative of the company’s ongoing operations. The definition of operating income can vary by company and is not considered a substitute for GAAP net income. A reconciliation of income before income taxes of the operating segments to pre-tax operating income (loss) is presented herein.
RGA evaluates its stockholder equity position excluding the impact of Accumulated Other Comprehensive Income (“AOCI”) since the net unrealized gains or losses included in AOCI primarily relate to changes in interest rates, credit spreads on its investment securities and foreign currency fluctuations that are not permanent and can fluctuate significantly from period to period.
Additionally, RGA uses a non-GAAP financial measure called operating return on equity, which is calculated as operating income divided by average shareholders’
equity excluding AOCI.

                                        

 	 	Page 1

Reinsurance Group of America, Incorporated
Financial Supplement

2016 Guidance

On an annual basis, the company provides financial guidance based upon the intermediate term rather than giving a range of annual earnings per share for an upcoming year.  This better reflects the long-term nature of the business and the difficulty in predicting the timing of shorter-term or periodic events such as block transactions.  The company accepts risks over very long periods of time, up to 30 years or longer in some cases.  While more predictable over longer-term horizons, RGA’s business is subject to inherent short-term volatility.
  
Over the intermediate term, the company targets growth in operating income per share in the 5 to 8 percent range, and operating return on equity of 10 to 12 percent.  It is presumed that there are no significant changes in the investment environment from current levels, and the company will deploy $300 million to $400 million of excess capital, on average, annually.  These guidance ranges are based upon “normalized” results.  The operating EPS target range is unchanged from a year ago, while the operating return on equity range was widened slightly from 11 to 12 percent.  The wider return on equity range better reflects the potential for variability in the results due to influences from macro issues, notably foreign exchange and interest rates.

Additionally, the company has faced significant macro headwinds in terms of weak foreign currencies and sustained low interest rates over the past several years, and assumes this will continue to be the case for the foreseeable future.  However, management believes that the EPS range is appropriate and expects the combination of organic growth, execution of block transactions and efficient capital management to mitigate those headwinds and allow the company to reach its financial targets.

                                        

 	 	Page 2

Reinsurance Group of America, Incorporated

PRIOR PERIOD RECLASSIFICATIONS
Effective January 1, 2015, the Company further segmented the Canada; Europe, Middle East and Africa; and Asia Pacific segments into traditional and non-traditional businesses to reflect the expanded product offerings within its geographic-based segments. The prior-period presentation has been adjusted to conform to the new segment reporting structure.

Effective December 2015, prior period balances have been updated to conform with current period presentation for the adoption of the accounting standard update "Simplifying the Presentation of Debt Issuance Costs".

 

                                        

 	 	Page 3

Reinsurance Group of America, Incorporated
Financial Highlights	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr vs. PY Quarter	 	 	 	Year-to Date	 	
(USD thousands, except inforce & per share data)	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	 	 	 	 	Dec. 31,	 	Dec. 31,	 	 	 	 	 	 	
 	 	2015	 	2015	 	2015	 	2015	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
Net premiums	 	$	2,328,501	
 	 	$	2,089,345	
 	 	$	2,129,043	
 	 	$	2,023,852	
 	 	$	2,217,772	
 	 	$	110,729	
 	 	 	 	$	8,570,741	
 	 	$	8,669,854	
 	 	$	(99,113	)	 	 	 	 	 	 	
Net income	 	163,127	
 	 	83,534	
 	 	130,391	
 	 	125,114	
 	 	191,091	
 	 	(27,964	)	 	 	 	502,166	
 	 	684,047	
 	 	(181,881	)	 	 	 	 	 	 	
Operating income	 	187,950	
 	 	127,086	
 	 	130,270	
 	 	121,778	
 	 	208,288	
 	 	(20,338	)	 	 	 	567,084	
 	 	638,049	
 	 	(70,965	)	 	 	 	 	 	 	
Operating return on equity (ex AOCI)-	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
annualized	 	14.0	%	 	9.5	%	 	9.8	%	 	9.2	%	 	15.8	%	 	(1.8	)%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
trailing 12 months	 	10.6	%	 	11.1	%	 	11.8	%	 	12.5	%	 	12.5	%	 	(1.9	)%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets (1)	 	50,383,152	
 	 	47,581,959	
 	 	47,435,240	
 	 	44,666,938	
 	 	44,654,300	
 	 	5,728,852	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assumed Life Reinsurance in Force (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. and Latin America Traditional	 	$	1,594.3	
 	 	$	1,476.1	
 	 	$	1,475.6	
 	 	$	1,479.4	
 	 	$	1,483.9	
 	 	$	110.4	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. and Latin America Non-Traditional	 	2.1	
 	 	2.2	
 	 	2.1	
 	 	2.1	
 	 	1.4	
 	 	0.7	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Canada Traditional	 	333.0	
 	 	343.0	
 	 	360.7	
 	 	349.0	
 	 	402.8	
 	 	(69.8	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Europe, Middle East and Africa Traditional	 	602.7	
 	 	566.0	
 	 	573.9	
 	 	553.3	
 	 	561.1	
 	 	41.6	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Asia Pacific Traditional	 	462.7	
 	 	461.8	
 	 	512.7	
 	 	460.6	
 	 	494.0	
 	 	(31.3	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Asia Pacific Non-Traditional	 	0.3	
 	 	0.3	
 	 	0.3	
 	 	0.3	
 	 	0.3	
 	 	—	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Life Reinsurance in Force	 	$	2,995.1	
 	 	$	2,849.4	
 	 	$	2,925.3	
 	 	$	2,844.7	
 	 	$	2,943.5	
 	 	$	51.6	

 	 	

 	
 	 	 	 	 	 	 	
Assumed New Business Production (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. and Latin America Traditional	 	$	142.1	
 	(2)	$	26.4	
 	 	$	15.7	
 	 	$	19.7	
 	 	$	118.1	
 	(2)	$	24.0	
 	 	 	 	$	203.9	
 	 	$	176.9	
 	 	$	27.0	
 	 	 	 	 	 	 	
Canada Traditional	 	8.7	
 	 	9.1	
 	 	11.1	
 	 	9.7	
 	 	13.9	
 	 	(5.2	)	 	 	 	38.6	
 	 	48.3	
 	 	(9.7	)	 	 	 	 	 	 	
Europe, Middle East and Africa Traditional	 	66.0	
 	(2)	24.7	
 	 	32.3	
 	 	48.6	
 	 	38.5	
 	 	27.5	
 	 	 	 	171.6	
 	 	175.2	
 	 	(3.6	)	 	 	 	 	 	 	
Asia Pacific Traditional	 	12.1	
 	 	24.4	
 	 	12.6	
 	 	27.8	
 	 	22.4	
 	 	(10.3	)	 	 	 	76.9	
 	 	81.6	
 	 	(4.7	)	 	 	 	 	 	 	
Total New Business Production	 	$	228.9	
 	 	$	84.6	
 	 	$	71.7	
 	 	$	105.8	
 	 	$	192.9	
 	 	$	36.0	
 	 	 	 	$	491.0	
 	 	$	482.0	
 	 	$	9.0	
 	 	 	 	 	 	 	
Per Share and Shares Data	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	2.49	
 	 	$	1.26	
 	 	$	1.97	
 	 	$	1.84	
 	 	$	2.78	
 	 	$	(0.29	)	 	 	 	$	7.55	
 	 	$	9.88	
 	 	$	(2.33	)	 	 	 	 	 	 	
Operating income	 	$	2.87	
 	 	$	1.92	
 	 	$	1.96	
 	 	$	1.79	
 	 	$	3.03	
 	 	$	(0.16	)	 	 	 	$	8.52	
 	 	$	9.21	
 	 	$	(0.69	)	 	 	 	 	 	 	
Diluted earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	2.46	
 	 	$	1.25	
 	 	$	1.94	
 	 	$	1.81	
 	 	$	2.75	
 	 	$	(0.29	)	 	 	 	$	7.46	
 	 	$	9.78	
 	 	$	(2.32	)	 	 	 	 	 	 	
Operating income	 	$	2.84	
 	 	$	1.90	
 	 	$	1.94	
 	 	$	1.77	
 	 	$	2.99	
 	 	$	(0.15	)	 	 	 	$	8.43	
 	 	$	9.12	
 	 	$	(0.69	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wgt. average common shares outstanding	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(basic)	 	65,535	
 	 	66,205	
 	 	66,351	
 	 	68,141	
 	 	68,718	
 	 	(3,183	)	 	 	 	66,553	
 	 	69,248	
 	 	(2,695	)	 	 	 	 	 	 	
(diluted)	 	66,247	
 	 	66,882	
 	 	67,120	
 	 	68,942	
 	 	69,550	
 	 	(3,303	)	 	 	 	67,292	
 	 	69,962	
 	 	(2,670	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common shares issued	 	79,138	
 	 	79,138	
 	 	79,138	
 	 	79,138	
 	 	79,138	
 	 	—	
 	 	 	 	79,138	
 	 	79,138	
 	 	—	
 	 	 	 	 	 	 	
Treasury shares	 	13,933	
 	 	13,389	
 	 	12,716	
 	 	12,699	
 	 	10,365	
 	 	3,568	
 	 	 	 	13,933	
 	 	10,365	
 	 	3,568	
 	 	 	 	 	 	 	
Common shares outstanding	 	65,205	
 	 	65,749	
 	 	66,422	
 	 	66,439	
 	 	68,773	
 	 	(3,568	)	 	 	 	65,205	
 	 	68,773	
 	 	(3,568	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per share	 	$	94.09	
 	 	$	94.92	
 	 	$	97.61	
 	 	$	107.62	
 	 	$	102.13	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Per share effect of accumulated other	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
comprehensive income (AOCI)	 	$	10.86	
 	 	$	13.78	
 	 	$	17.31	
 	 	$	28.36	
 	 	$	24.10	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per share, excluding AOCI	 	$	83.23	
 	 	$	81.14	
 	 	$	80.30	
 	 	$	79.26	
 	 	$	78.03	

Shareholder dividends paid	 	$	24,269.1	
 	 	$	24,592.1	
 	 	$	21,850.5	
 	 	$	22,668.8	
 	 	$	22,669.4	
 	 	$	1,599.7	
 	 	 	 	$	93,380.5	
 	 	$	87,256.2	
 	 	$	6,124.3	
 	 	 	 	 	 	 	
(1) Prior period balances have been updated to conform with current period presentation for the adoption of the accounting standard update "Simplifying the Presentation of Debt Issuance Costs".	 	 	 	 	 	 	
(2) Includes the effect of significant inforce transactions.	 	 	 	 	 	 	

 	
 	 	 	
 	 	Page 4

Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statement (incl. Operating Income Reconciliations)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr	 	 	 	Year-to Date	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	vs. PY	 	 	 	Dec. 31,	 	Dec. 31,	 	 	
(USD thousands)	 	2015	 	2015	 	2015	 	2015	 	2014	 	Quarter	 	 	 	2015	 	2014	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	2,328,501	
 	 	$	2,089,345	
 	 	$	2,129,043	
 	 	$	2,023,852	
 	 	$	2,217,772	
 	 	$	110,729	
 	 	 	 	$	8,570,741	
 	 	$	8,669,854	
 	 	$	(99,113	)	
Investment income, net of related expenses	 	467,468	
 	 	389,597	
 	 	450,539	
 	 	426,891	
 	 	451,603	
 	 	15,865	
 	 	 	 	1,734,495	
 	 	1,713,691	
 	 	20,804	
 	
Investment related gains (losses), net	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
OTTI on fixed maturity securities	 	(27,605	)	 	(23,111	)	 	(4,137	)	 	(2,527	)	 	(6,347	)	 	(21,258	)	 	 	 	(57,380	)	 	(7,766	)	 	(49,614	)	
Other investment related gains (losses), net	 	(17,204	)	 	(88,235	)	 	(12,041	)	 	10,110	
 	 	(32,876	)	 	15,672	
 	 	 	 	(107,370	)	 	193,959	
 	 	(301,329	)	
Total investment related gains (losses), net	 	(44,809	)	 	(111,346	)	 	(16,178	)	 	7,583	
 	 	(39,223	)	 	(5,586	)	 	 	 	(164,750	)	 	186,193	
 	 	(350,943	)	
Other revenue	 	77,431	
 	 	71,038	
 	 	66,936	
 	 	62,287	
 	 	67,261	
 	 	10,170	
 	 	 	 	277,692	
 	 	334,456	
 	 	(56,764	)	
Total revenues	 	2,828,591	
 	 	2,438,634	
 	 	2,630,340	
 	 	2,520,613	
 	 	2,697,413	
 	 	131,178	
 	 	 	 	10,418,178	
 	 	10,904,194	
 	 	(486,016	)	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	

Claims and other policy benefits	 	2,015,929	
 	 	1,831,819	
 	 	1,866,183	
 	 	1,775,451	
 	 	1,866,042	
 	 	149,887	
 	 	 	 	7,489,382	
 	 	7,406,641	
 	 	82,741	
 	
Interest credited	 	105,032	
 	 	34,008	
 	 	77,246	
 	 	120,678	
 	 	103,523	
 	 	1,509	
 	 	 	 	336,964	
 	 	451,031	
 	 	(114,067	)	
Policy acquisition costs and other insurance expenses	 	300,329	
 	 	249,702	
 	 	300,412	
 	 	277,043	
 	 	290,775	
 	 	9,554	
 	 	 	 	1,127,486	
 	 	1,391,433	
 	 	(263,947	)	
Other operating expenses	 	158,556	
 	 	142,270	
 	 	131,600	
 	 	121,618	
 	 	166,280	
 	 	(7,724	)	 	 	 	554,044	
 	 	538,415	
 	 	15,629	
 	
Interest expense	 	35,820	
 	 	35,565	
 	 	35,851	
 	 	35,627	
 	 	(9,660	)	 	45,480	
 	 	 	 	142,863	
 	 	96,700	
 	 	46,163	
 	
Collateral finance and securitization expense	 	6,182	
 	 	5,133	
 	 	5,258	
 	 	6,071	
 	 	3,710	
 	 	2,472	
 	 	 	 	22,644	
 	 	11,441	
 	 	11,203	
 	
Total benefits and expenses	 	2,621,848	
 	 	2,298,497	
 	 	2,416,550	
 	 	2,336,488	
 	 	2,420,670	
 	 	201,178	
 	 	 	 	9,673,383	
 	 	9,895,661	
 	 	(222,278	)	
Income before income taxes	 	206,743	
 	 	140,137	
 	 	213,790	
 	 	184,125	
 	 	276,743	
 	 	(70,000	)	 	 	 	744,795	
 	 	1,008,533	
 	 	(263,738	)	
Income tax expense	 	43,616	
 	 	56,603	
 	 	83,399	
 	 	59,011	
 	 	85,652	
 	 	(42,036	)	 	 	 	242,629	
 	 	324,486	
 	 	(81,857	)	
Net income	 	$	163,127	
 	 	$	83,534	
 	 	$	130,391	
 	 	$	125,114	
 	 	$	191,091	
 	 	$	(27,964	)	 	 	 	$	502,166	
 	 	$	684,047	
 	 	$	(181,881	)	
Pre-tax Operating Income Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	206,743	
 	 	140,137	
 	 	213,790	
 	 	184,125	
 	 	276,743	
 	 	(70,000	)	 	 	 	744,795	
 	 	1,008,533	
 	 	(263,738	)	
Investment and derivative losses (gains)—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
non-operating (1)	 	64,034	
 	 	(35,028	)	 	41,526	
 	 	(20,946	)	 	(22,453	)	 	86,487	
 	 	 	 	49,586	
 	 	(95,308	)	 	144,894	
 	
Change in value of modified coinsurance and	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
funds withheld embedded derivatives (1)	 	27,201	
 	 	46,169	
 	 	23,098	
 	 	2,325	
 	 	14,523	
 	 	12,678	
 	 	 	 	98,793	
 	 	(198,365	)	 	297,158	
 	
GMXB embedded derivatives  (1)	 	(36,437	)	 	95,373	
 	 	(50,878	)	 	25,133	
 	 	52,901	
 	 	(89,338	)	 	 	 	33,191	
 	 	129,224	
 	 	(96,033	)	
Funds withheld losses (gains)—investment income	 	246	
 	 	(2,212	)	 	(3,002	)	 	(11,402	)	 	(1,371	)	 	1,617	
 	 	 	 	(16,370	)	 	(13,215	)	 	(3,155	)	
EIA embedded derivatives—interest credited	 	(1,412	)	 	(10,995	)	 	(10,488	)	 	10,313	
 	 	(362	)	 	(1,050	)	 	 	 	(12,582	)	 	(421	)	 	(12,161	)	
DAC offset, net	 	(13,142	)	 	(25,945	)	 	(1,187	)	 	(8,951	)	 	(15,253	)	 	2,111	
 	 	 	 	(49,225	)	 	111,879	
 	 	(161,104	)	
Non-investment derivatives	 	(120	)	 	(383	)	 	493	
 	 	(108	)	 	(472	)	 	352	
 	 	 	 	(118	)	 	(444	)	 	326	
 	
Operating Income Before Income Taxes	 	$	247,113	
 	 	$	207,116	
 	 	$	213,352	
 	 	$	180,489	
 	 	$	304,256	
 	 	$	(57,143	)	 	 	 	$	848,070	
 	 	$	941,883	
 	 	$	(93,813	)	
After-tax Operating Income Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income	 	163,127	
 	 	83,534	
 	 	130,391	
 	 	125,114	
 	 	191,091	
 	 	(27,964	)	 	 	 	502,166	
 	 	684,047	
 	 	(181,881	)	
Investment and derivative losses (gains)—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

non-operating (1)	 	40,203	
 	 	(22,750	)	 	27,152	
 	 	(14,585	)	 	(15,281	)	 	55,484	
 	 	 	 	30,020	
 	 	(64,625	)	 	94,645	
 	
Change in value of modified coinsurance	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
and funds withheld embedded derivatives (1)	 	17,680	
 	 	30,010	
 	 	15,014	
 	 	1,511	
 	 	9,440	
 	 	8,240	
 	 	 	 	64,215	
 	 	(128,937	)	 	193,152	
 	
GMXB embedded derivatives  (1)	 	(23,684	)	 	61,992	
 	 	(33,070	)	 	16,336	
 	 	34,386	
 	 	(58,070	)	 	 	 	21,574	
 	 	83,996	
 	 	(62,422	)	
Funds withheld losses (gains)—investment income	 	161	
 	 	(1,438	)	 	(1,951	)	 	(7,412	)	 	(891	)	 	1,052	
 	 	 	 	(10,640	)	 	(8,590	)	 	(2,050	)	
EIA embedded derivatives—interest credited	 	(917	)	 	(7,147	)	 	(6,817	)	 	6,703	
 	 	(236	)	 	(681	)	 	 	 	(8,178	)	 	(274	)	 	(7,904	)	
DAC offset, net	 	(8,542	)	 	(16,865	)	 	(770	)	 	(5,819	)	 	(9,914	)	 	1,372	
 	 	 	 	(31,996	)	 	72,721	
 	 	(104,717	)	
Non-investment derivatives	 	(78	)	 	(250	)	 	321	
 	 	(70	)	 	(307	)	 	229	
 	 	 	 	(77	)	 	(289	)	 	212	
 	
Operating Income	 	$	187,950	
 	 	$	127,086	
 	 	$	130,270	
 	 	$	121,778	
 	 	$	208,288	
 	 	$	(20,338	)	 	 	 	$	567,084	
 	 	$	638,049	
 	 	$	(70,965	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement

                                        

 	 	Page 5

Reinsurance Group of America, Incorporated
Consolidated Operating Income Statement	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-Date	 	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	 	 	 	 	Dec. 31,	 	Dec. 31,	 	 	 	 	 	 	
(USD thousands, except per share data)	 	2015	 	2015	 	2015	 	2015	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	2,328,501	
 	 	$	2,089,345	
 	 	$	2,129,043	
 	 	$	2,023,852	
 	 	$	2,217,772	
 	 	$	110,729	
 	 	 	 	$	8,570,741	
 	 	$	8,669,854	
 	 	$	(99,113	)	 	 	 	 	 	 	
Investment income, net of related expenses	 	467,714	
 	 	387,385	
 	 	447,537	
 	 	415,489	
 	 	450,232	
 	 	17,482	
 	 	 	 	1,718,125	
 	 	1,700,476	
 	 	17,649	
 	 	 	 	 	 	 	
Investment related gains (losses), net	 	9,989	
 	 	(4,832	)	 	(2,432	)	 	14,095	
 	 	5,748	
 	 	4,241	
 	 	 	 	16,820	
 	 	21,744	
 	 	(4,924	)	 	 	 	 	 	 	
Other revenue	 	77,311	
 	 	70,655	
 	 	67,429	
 	 	62,179	
 	 	66,789	
 	 	10,522	
 	 	 	 	277,574	
 	 	334,012	
 	 	(56,438	)	 	 	 	 	 	 	
Total revenues	 	2,883,515	
 	 	2,542,553	
 	 	2,641,577	
 	 	2,515,615	
 	 	2,740,541	
 	 	142,974	
 	 	 	 	10,583,260	
 	 	10,726,086	
 	 	(142,826	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	2,015,929	
 	 	1,831,819	
 	 	1,866,183	
 	 	1,775,451	
 	 	1,866,042	
 	 	149,887	
 	 	 	 	7,489,382	
 	 	7,406,641	
 	 	82,741	
 	 	 	 	 	 	 	
Interest credited	 	106,444	
 	 	45,003	
 	 	87,734	
 	 	110,365	
 	 	103,885	
 	 	2,559	
 	 	 	 	349,546	
 	 	451,452	
 	 	(101,906	)	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	313,471	
 	 	275,647	
 	 	301,599	
 	 	285,994	
 	 	306,028	
 	 	7,443	
 	 	 	 	1,176,711	
 	 	1,279,554	
 	 	(102,843	)	 	 	 	 	 	 	
Other operating expenses	 	158,556	
 	 	142,270	
 	 	131,600	
 	 	121,618	
 	 	166,280	
 	 	(7,724	)	 	 	 	554,044	
 	 	538,415	
 	 	15,629	
 	 	 	 	 	 	 	
Interest expense	 	35,820	
 	 	35,565	
 	 	35,851	
 	 	35,627	
 	 	(9,660	)	 	45,480	
 	 	 	 	142,863	
 	 	96,700	
 	 	46,163	
 	 	 	 	 	 	 	
Collateral finance and securitization expense	 	6,182	
 	 	5,133	
 	 	5,258	
 	 	6,071	
 	 	3,710	
 	 	2,472	
 	 	 	 	22,644	
 	 	11,441	
 	 	11,203	
 	 	 	 	 	 	 	
Total benefits and expenses	 	2,636,402	
 	 	2,335,437	
 	 	2,428,225	
 	 	2,335,126	
 	 	2,436,285	
 	 	200,117	
 	 	 	 	9,735,190	
 	 	9,784,203	
 	 	(49,013	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	247,113	
 	 	207,116	
 	 	213,352	
 	 	180,489	
 	 	304,256	
 	 	(57,143	)	 	 	 	848,070	
 	 	941,883	
 	 	(93,813	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income tax expense	 	59,163	
 	 	80,030	
 	 	83,082	
 	 	58,711	
 	 	95,968	
 	 	(36,805	)	 	 	 	280,986	
 	 	303,834	
 	 	(22,848	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	 	$	187,950	
 	 	$	127,086	
 	 	$	130,270	
 	 	$	121,778	
 	 	$	208,288	
 	 	$	(20,338	)	 	 	 	$	567,084	
 	 	$	638,049	
 	 	$	(70,965	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wgt. Average Common Shares Outstanding (Diluted)	 	66,247	
 	 	66,882	
 	 	67,120	
 	 	68,942	
 	 	69,550	
 	 	(3,303)	
 	 	 	 	67,292	
 	 	69,962	
 	 	(2,670)	

Diluted Earnings Per Share—Operating Income	 	$	2.84	
 	 	$	1.90	
 	 	$	1.94	
 	 	$	1.77	
 	 	$	2.99	
 	 	$	(0.15	)	 	 	 	$	8.43	
 	 	$	9.12	
 	 	$	(0.69	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on   (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(106,556	)	 	$	(145,047	)	 	$	(121,287	)	 	$	(96,024	)	 	$	(61,093	)	 	$	(45,463	)	 	 	 	$	(468,914	)	 	$	(110,376	)	 	$	(358,538	)	 	 	 	 	 	 	
Operating income before income taxes	 	$	(18,726	)	 	$	(15,526	)	 	$	(8,700	)	 	$	(11,833	)	 	$	(9,276	)	 	$	(9,450	)	 	 	 	$	(54,785	)	 	$	(18,706	)	 	$	(36,079	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Compared to comparable prior year period	 	 	 	 	 	 	

                                        

 	 	Page 6

 
Reinsurance Group of America, Incorporated
Consolidated Balance Sheets	

 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	
(USD thousands)	 	2015	 	2015	 	2015	 	2015	 	2014	
Assets	 	 	 	 	 	 	 	 	 	 	
Fixed maturity securities, available-for-sale	 	$	29,642,905	
 	 	$	27,411,788	
 	 	$	28,063,975	
 	 	$	25,801,223	
 	 	$	25,480,972	
 	
Mortgage loans on real estate	 	3,129,951	
 	 	3,170,002	
 	 	3,073,313	
 	 	2,913,486	
 	 	2,712,238	
 	
Policy loans	 	1,468,796	
 	 	1,444,009	
 	 	1,438,156	
 	 	1,284,085	
 	 	1,284,284	
 	
Funds withheld at interest	 	5,880,203	
 	 	5,675,174	
 	 	5,840,076	
 	 	5,841,554	
 	 	5,922,561	
 	
Short-term investments	 	558,284	
 	 	58,200	
 	 	76,118	
 	 	89,136	
 	 	97,694	
 	
Other invested assets	 	1,298,120	
 	 	1,187,504	
 	 	1,110,107	
 	 	1,243,033	
 	 	1,198,319	
 	
Total investments	 	41,978,259	
 	 	38,946,677	
 	 	39,601,745	
 	 	37,172,517	
 	 	36,696,068	
 	
Cash and cash equivalents	 	1,525,275	
 	 	1,747,692	
 	 	1,335,661	
 	 	1,083,179	
 	 	1,645,669	
 	
Accrued investment income	 	339,452	
 	 	342,088	
 	 	322,069	
 	 	283,665	
 	 	261,096	
 	
Premiums receivable and other reinsurance balances	 	1,797,504	
 	 	1,553,093	
 	 	1,518,208	
 	 	1,509,810	
 	 	1,527,729	
 	
Reinsurance ceded receivables	 	637,859	
 	 	661,185	
 	 	711,463	
 	 	665,797	
 	 	578,206	
 	
Deferred policy acquisition costs	 	3,392,437	
 	 	3,311,086	
 	 	3,299,541	
 	 	3,286,348	
 	 	3,342,575	
 	
Other assets (1)	 	712,366	
 	 	1,020,138	
 	 	646,553	
 	 	665,622	
 	 	602,957	
 	
Total assets (1)	 	$	50,383,152	
 	 	$	47,581,959	
 	 	$	47,435,240	
 	 	$	44,666,938	
 	 	$	44,654,300	

Liabilities and Stockholders’ Equity	 	 	 	 	 	 	 	 	 	 	
Future policy benefits	 	$	19,612,251	
 	 	$	16,574,783	
 	 	$	16,773,035	
 	 	$	14,152,780	
 	 	$	14,476,637	
 	
Interest-sensitive contract liabilities	 	13,663,873	
 	 	13,699,896	
 	 	13,516,059	
 	 	12,508,201	
 	 	12,591,497	
 	
Other policy claims and benefits	 	4,094,640	
 	 	3,892,036	
 	 	3,857,610	
 	 	3,822,699	
 	 	3,824,069	
 	
Other reinsurance balances	 	296,899	
 	 	280,093	
 	 	311,388	
 	 	320,950	
 	 	306,915	
 	
Deferred income taxes	 	2,218,328	
 	 	2,285,066	
 	 	2,246,086	
 	 	2,529,733	
 	 	2,365,817	
 	
Other liabilities	 	1,165,071	
 	 	1,405,675	
 	 	1,032,980	
 	 	1,118,645	
 	 	994,230	
 	
Long-term debt (1)	 	2,297,548	
 	 	2,297,592	
 	 	2,297,629	
 	 	2,297,761	
 	 	2,297,704	
 	
Collateral finance and securitization notes (1)	 	899,161	
 	 	905,752	
 	 	917,220	
 	 	766,144	
 	 	773,979	
 	
Total liabilities (1)	 	44,247,771	
 	 	41,340,893	
 	 	40,952,007	
 	 	37,516,913	
 	 	37,630,848	

Stockholders’ Equity:	 	 	 	 	 	 	 	 	 	 	
Common stock, at par value	 	791	
 	 	791	
 	 	791	
 	 	791	
 	 	791	
 	
Additional paid-in-capital	 	1,816,142	
 	 	1,812,377	
 	 	1,805,858	
 	 	1,802,774	
 	 	1,798,279	
 	
Retained earnings	 	4,620,303	
 	 	4,482,709	
 	 	4,425,302	
 	 	4,339,028	
 	 	4,239,647	
 	
Treasury stock	 	(1,010,139	)	 	(961,290	)	 	(898,082	)	 	(876,804	)	 	(672,394	)	
Accumulated other comprehensive income (AOCI):	 	 	 	 	 	 	 	 	 	 	
Accumulated currency translation adjustment, net of income taxes	 	(181,151	)	 	(119,493	)	 	(13,989	)	 	(35,924	)	 	81,847	
 	
Unrealized appreciation of securities, net of income taxes	 	935,697	
 	 	1,071,990	
 	 	1,211,056	
 	 	1,968,697	
 	 	1,624,773	
 	
Pension and postretirement benefits, net of income taxes	 	(46,262	)	 	(46,018	)	 	(47,703	)	 	(48,537	)	 	(49,491	)	
Total stockholders’ equity	 	6,135,381	
 	 	6,241,066	
 	 	6,483,233	
 	 	7,150,025	
 	 	7,023,452	
 	
Total liabilities and stockholders’ equity (1)	 	$	50,383,152	
 	 	$	47,581,959	
 	 	$	47,435,240	
 	 	$	44,666,938	
 	 	$	44,654,300	

Total stockholders’ equity, excluding AOCI	 	$	5,427,097	
 	 	$	5,334,587	
 	 	$	5,333,869	
 	 	$	5,265,789	
 	 	$	5,366,323	

(1) Prior period balances have been updated to conform with current period presentation for the adoption of the accounting standard update "Simplifying the Presentation of Debt Issuance Costs".	

                                        

 	 	Page 7

 
Reinsurance Group of America, Incorporated
U.S. and Latin America Traditional Segment Pre-tax Operating Income	 	

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	 	 	 	 	Dec. 31,	 	Dec. 31,	 	 	 	 	 	 	
(USD thousands)	 	2015	 	2015	 	2015	 	2015	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	1,370,745	
 	 	$	1,150,936	
 	 	$	1,170,931	
 	 	$	1,114,094	
 	 	$	1,221,862	
 	 	$	148,883	
 	 	 	 	$	4,806,706	
 	 	$	4,725,505	
 	 	$	81,201	
 	 	 	 	 	 	 	
Investment income, net of related expenses	 	176,174	
 	 	154,210	
 	 	163,390	
 	 	143,005	
 	 	142,753	
 	 	33,421	
 	 	 	 	636,779	
 	 	552,805	
 	 	83,974	
 	 	 	 	 	 	 	
Other revenue	 	7,438	
 	 	6,566	
 	 	4,567	
 	 	664	
 	 	1,323	
 	 	6,115	
 	 	 	 	19,235	
 	 	3,515	
 	 	15,720	
 	 	 	 	 	 	 	
Total revenues	 	1,554,357	
 	 	1,311,712	
 	 	1,338,888	
 	 	1,257,763	
 	 	1,365,938	
 	 	188,419	
 	 	 	 	5,462,720	
 	 	5,281,825	
 	 	180,895	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	
Claims and other policy benefits	 	1,235,926	
 	 	1,049,973	
 	 	1,041,390	
 	 	1,039,407	
 	 	1,021,046	
 	 	214,880	
 	 	 	 	4,366,696	
 	 	4,130,308	
 	 	236,388	
 	 	 	 	 	 	 	
Interest credited	 	21,682	
 	 	20,999	
 	 	21,875	
 	 	12,944	
 	 	13,101	
 	 	8,581	
 	 	 	 	77,500	
 	 	51,184	
 	 	26,316	
 	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	187,277	
 	 	158,452	
 	 	169,035	
 	 	158,567	
 	 	168,395	
 	 	18,882	
 	 	 	 	673,331	
 	 	641,785	
 	 	31,546	
 	 	 	 	 	 	 	
Other operating expenses	 	30,482	
 	 	27,562	
 	 	27,155	
 	 	26,529	
 	 	29,276	
 	 	1,206	
 	 	 	 	111,728	
 	 	108,346	
 	 	3,382	
 	 	 	 	 	 	 	
Total benefits and expenses	 	1,475,367	
 	 	1,256,986	
 	 	1,259,455	
 	 	1,237,447	
 	 	1,231,818	
 	 	243,549	
 	 	 	 	5,229,255	
 	 	4,931,623	
 	 	297,632	

Operating income before income taxes	 	78,990	
 	 	54,726	
 	 	79,433	
 	 	20,316	
 	 	134,120	
 	 	(55,130	)	 	 	 	233,465	
 	 	350,202	
 	 	(116,737	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	
Operating income before income taxes	 	78,990	
 	 	54,726	
 	 	79,433	
 	 	20,316	
 	 	134,120	
 	 	(55,130	)	 	 	 	233,465	
 	 	350,202	
 	 	(116,737	)	 	 	 	 	 	 	
Investment and derivative (losses) gains - non-operating	 	493	
 	 	926	
 	 	3,360	
 	 	(2,473	)	 	(5,268	)	 	5,761	
 	 	 	 	2,306	
 	 	1,443	
 	 	863	
 	 	 	 	 	 	 	
Income before income taxes	 	$	79,483	
 	 	$	55,652	
 	 	$	82,793	
 	 	$	17,843	
 	 	$	128,852	
 	 	$	(49,369	)	 	 	 	$	235,771	
 	 	$	351,645	
 	 	$	(115,874	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	90.2	%	 	91.2	%	 	88.9	%	 	93.3	%	 	83.6	%	 	6.6	 %	 	 	 	90.8	%	 	87.4	%	 	3.4	%	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	13.7	%	 	13.8	%	 	14.4	%	 	14.2	%	 	13.8	%	 	(0.1	)%	 	 	 	14.0	%	 	13.6	%	 	0.4	%	 	 	 	 	 	 	
Other operating expenses	 	2.2	%	 	2.4	%	 	2.3	%	 	2.4	%	 	2.4	%	 	(0.2	)%	 	 	 	2.3	%	 	2.3	%	 	0.0	%	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

 

                                        

 	 	Page 8

Reinsurance Group of America, Incorporated
U.S. and Latin America Non-Traditional Segment—Asset Intensive Reinsurance Pre-tax Operating Income	 	

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	 	 	 	 	Dec. 31,	 	Dec. 31,	 	 	 	 	 	 	
(USD thousands)	 	2015	 	2015	 	2015	 	2015	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	6,018	
 	 	$	5,177	
 	 	$	5,941	
 	 	$	5,041	
 	 	$	4,747	
 	 	$	1,271	
 	 	 	 	$	22,177	
 	 	$	20,079	
 	 	$	2,098	
 	 	 	 	 	 	 	
Investment income, net of related expenses	 	153,504	
 	 	103,052	
 	 	152,616	
 	 	141,470	
 	 	155,557	
 	 	(2,053	)	 	 	 	550,642	
 	 	628,711	
 	 	(78,069	)	 	 	 	 	 	 	
Investment related gains (losses), net	 	(1	)	 	1	
 	 	—	
 	 	—	
 	 	1	
 	 	(2	)	 	 	 	—	
 	 	—	
 	 	—	
 	 	 	 	 	 	 	
Other revenue	 	23,238	
 	 	28,973	
 	 	26,634	
 	 	26,544	
 	 	28,436	
 	 	(5,198	)	 	 	 	105,389	
 	 	115,032	
 	 	(9,643	)	 	 	 	 	 	 	
Total revenues	 	182,759	
 	 	137,203	
 	 	185,191	
 	 	173,055	
 	 	188,741	
 	 	(5,982	)	 	 	 	678,208	
 	 	763,822	
 	 	(85,614	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	22,605	
 	 	16,832	
 	 	19,983	
 	 	6,726	
 	 	5,289	
 	 	17,316	
 	 	 	 	66,146	
 	 	19,848	
 	 	46,298	
 	 	 	 	 	 	 	
Interest credited	 	73,168	
 	 	29,530	
 	 	69,530	
 	 	84,672	
 	 	86,294	
 	 	(13,126	)	 	 	 	256,900	
 	 	382,960	
 	 	(126,060	)	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	33,099	
 	 	30,718	
 	 	34,163	
 	 	37,005	
 	 	36,380	
 	 	(3,281	)	 	 	 	134,985	
 	 	145,110	
 	 	(10,125	)	 	 	 	 	 	 	
Other operating expenses	 	6,291	
 	 	4,893	
 	 	5,113	
 	 	4,318	
 	 	4,764	
 	 	1,527	
 	 	 	 	20,615	
 	 	16,882	
 	 	3,733	
 	 	 	 	 	 	 	
Total benefits and expenses	 	135,163	
 	 	81,973	
 	 	128,789	
 	 	132,721	
 	 	132,727	
 	 	2,436	
 	 	 	 	478,646	
 	 	564,800	
 	 	(86,154	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	47,596	
 	 	55,230	
 	 	56,402	
 	 	40,334	
 	 	56,014	
 	 	(8,418	)	 	 	 	199,562	
 	 	199,022	
 	 	540	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	47,596	
 	 	55,230	
 	 	56,402	
 	 	40,334	
 	 	56,014	
 	 	(8,418	)	 	 	 	199,562	
 	 	199,022	
 	 	540	
 	 	 	 	 	 	 	
Investment and derivative gains (losses) - non-operating  (1)	 	(39,757	)	 	73,476	
 	 	(39,497	)	 	21,787	
 	 	28,086	
 	 	(67,843	)	 	 	 	16,009	
 	 	79,799	
 	 	(63,790	)	 	 	 	 	 	 	
Change in value of modified coinsurance and funds withheld embedded derivatives  (1)	 	(27,897	)	 	(47,094	)	 	(26,456	)	 	147	
 	 	(13,490	)	 	(14,407	)	 	 	 	(101,300	)	 	201,464	
 	 	(302,764	)	 	 	 	 	 	 	
GMXB embedded derivatives (1)	 	36,437	
 	 	(95,373	)	 	50,878	
 	 	(25,133	)	 	(52,901	)	 	89,338	
 	 	 	 	(33,191	)	 	(129,224	)	 	96,033	
 	 	 	 	 	 	 	
Funds withheld gains (losses) - investment income	 	(59	)	 	1,003	
 	 	2,748	
 	 	6,367	
 	 	1,154	
 	 	(1,213	)	 	 	 	10,059	
 	 	11,083	
 	 	(1,024	)	 	 	 	 	 	 	
EIA embedded derivatives - interest credited	 	1,412	
 	 	10,995	
 	 	10,488	
 	 	(10,313	)	 	362	
 	 	1,050	
 	 	 	 	12,582	
 	 	421	
 	 	12,161	
 	 	 	 	 	 	 	
DAC offset, net	 	13,142	
 	 	25,945	
 	 	1,187	
 	 	8,951	
 	 	15,253	
 	 	(2,111	)	 	 	 	49,225	
 	 	(111,879	)	 	161,104	
 	 	 	 	 	 	 	
Income before income taxes	 	$	30,874	
 	 	$	24,182	
 	 	$	55,750	
 	 	$	42,140	
 	 	$	34,478	
 	 	$	(3,604	)	 	 	 	$	152,946	
 	 	$	250,686	
 	 	$	(97,740	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement

 

                                        

 	 	Page 9

Reinsurance Group of America, Incorporated
U.S. and Latin America Non-Traditional Segment—Asset Intensive Reinsurance Pre-tax Operating Income
(Cont’d)

 	 	 	
 	 	Three Months Ended	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	
(USD millions)	 	2015	 	2015	 	2015	 	2015	 	2014	
Annuity account values:	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Fixed annuities (deferred)	 	$	4,843	
 	 	$	4,883	
 	 	$	5,004	
 	 	$	4,779	
 	 	$	4,859	

Net interest spread (fixed annuities):	 	2.7	%	 	2.5	%	 	2.5	%	 	2.3	%	 	3.5	%	
 	 	 	 	 	 	 	 	 	 	 	
Equity-indexed annuities	 	$	4,509	
 	 	$	4,536	
 	 	$	4,622	
 	 	$	4,666	
 	 	$	4,695	

Variable annuities:	 	 	 	 	 	 	 	 	 	 	
No riders	 	$	782	
 	 	$	791	
 	 	$	843	
 	 	$	864	
 	 	$	881	
 	
GMDB only	 	62	
 	 	63	
 	 	69	
 	 	71	
 	 	75	
 	
GMIB only	 	5	
 	 	5	
 	 	5	
 	 	5	
 	 	5	
 	
GMAB only	 	33	
 	 	33	
 	 	38	
 	 	41	
 	 	44	
 	
GMWB only	 	1,425	
 	 	1,426	
 	 	1,540	
 	 	1,600	
 	 	1,636	
 	
GMDB / WB	 	359	
 	 	361	
 	 	391	
 	 	410	
 	 	427	
 	
Other	 	22	
 	 	22	
 	 	24	
 	 	26	
 	 	27	
 	
Total VA account values	 	$	2,688	
 	 	$	2,701	
 	 	$	2,910	
 	 	$	3,017	
 	 	$	3,095	

Fair value of liabilities associated with living benefit riders	 	$	192	
 	 	$	229	
 	 	$	134	
 	 	$	184	
 	 	$	159	

Interest-sensitive contract liabilities associated with:	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Guaranteed investment contracts	 	$	322	
 	 	$	313	
 	 	$	325	
 	 	$	336	
 	 	$	336	

Bank-owned life insurance (BOLI)	 	$	559	
 	 	$	556	
 	 	$	554	
 	 	$	551	
 	 	$	548	

Other asset-intensive business	 	$	66	
 	 	$	67	
 	 	$	67	
 	 	$	68	
 	 	$	69	

Future policy benefits associated with:	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Payout annuities	 	$	1,960	
 	 	$	1,919	
 	 	$	1,952	
 	 	$	—	
 	 	$	—	

                                        

 	 	Page 10

 
Reinsurance Group of America, Incorporated
U.S. and Latin America Non-Traditional Segment—Financial Reinsurance Pre-tax Operating Income	 	

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	 	 	 	 	Dec. 31,	 	Dec. 31,	 	 	 	 	 	 	
(USD thousands)	 	2015	 	2015	 	2015	 	2015	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment income, net of related expenses	 	$	1,702	
 	 	$	1,438	
 	 	$	1,194	
 	 	$	1,145	
 	 	$	1,155	
 	 	$	547	
 	 	 	 	$	5,479	
 	 	$	4,491	
 	 	$	988	
 	 	 	 	 	 	 	
Other revenue	 	19,133	
 	 	16,446	
 	 	17,717	
 	 	15,305	
 	 	18,363	
 	 	770	
 	 	 	 	68,601	
 	 	82,819	
 	 	(14,218	)	 	 	 	 	 	 	
Total revenues	 	20,835	
 	 	17,884	
 	 	18,911	
 	 	16,450	
 	 	19,518	
 	 	1,317	
 	 	 	 	74,080	
 	 	87,310	
 	 	(13,230	)	 	 	 	 	 	 	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	2,720	
 	 	2,535	
 	 	2,522	
 	 	2,416	
 	 	4,112	
 	 	(1,392	)	 	 	 	10,193	
 	 	25,256	
 	 	(15,063	)	 	 	 	 	 	 	
Other operating expenses	 	2,179	
 	 	3,276	
 	 	1,746	
 	 	1,669	
 	 	2,876	
 	 	(697	)	 	 	 	8,870	
 	 	9,685	
 	 	(815	)	 	 	 	 	 	 	
Total benefits and expenses	 	4,899	
 	 	5,811	
 	 	4,268	
 	 	4,085	
 	 	6,988	
 	 	(2,089	)	 	 	 	19,063	
 	 	34,941	
 	 	(15,878	)	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	15,936	
 	 	12,073	
 	 	14,643	
 	 	12,365	
 	 	12,530	
 	 	3,406	
 	 	 	 	55,017	
 	 	52,369	
 	 	2,648	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	15,936	
 	 	12,073	
 	 	14,643	
 	 	12,365	
 	 	12,530	
 	 	3,406	
 	 	 	 	55,017	
 	 	52,369	
 	 	2,648	
 	 	 	 	 	 	 	
Investment and derivative gains (losses) - non-operating	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	(162	)	 	162	
 	 	 	 	—	
 	 	(111	)	 	111	
 	 	 	 	 	 	 	
Income before income taxes	 	$	15,936	
 	 	$	12,073	
 	 	$	14,643	
 	 	$	12,365	
 	 	$	12,368	
 	 	$	3,568	
 	 	 	 	$	55,017	
 	 	$	52,258	
 	 	$	2,759	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 11

Reinsurance Group of America, Incorporated
Canada Traditional Segment Pre-tax Operating Income	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	 	 	 	 	Dec. 31,	 	Dec. 31,	 	 	 	 	 	 	
(USD thousands)	 	2015	 	2015	 	2015	 	2015	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	201,384	
 	 	$	200,000	
 	 	$	224,960	
 	 	$	212,550	
 	 	$	240,409	
 	 	$	(39,025	)	 	 	 	$	838,894	
 	 	$	953,389	
 	 	$	(114,495	)	 	 	 	 	 	 	
Investment income, net of related expenses	 	43,125	
 	 	43,283	
 	 	45,497	
 	 	44,405	
 	 	47,442	
 	 	(4,317	)	 	 	 	176,310	
 	 	191,478	
 	 	(15,168	)	 	 	 	 	 	 	
Investment related gains (losses), net	 	1,286	
 	 	1,109	
 	 	1,110	
 	 	939	
 	 	937	
 	 	349	
 	 	 	 	4,444	
 	 	3,471	
 	 	973	
 	 	 	 	 	 	 	
Other revenue	 	1,131	
 	 	767	
 	 	(454	)	 	1,556	
 	 	569	
 	 	562	
 	 	 	 	3,000	
 	 	2,071	
 	 	929	
 	 	 	 	 	 	 	
Total revenues	 	246,926	
 	 	245,159	
 	 	271,113	
 	 	259,450	
 	 	289,357	
 	 	(42,431	)	 	 	 	1,022,648	
 	 	1,150,409	
 	 	(127,761	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	148,543	
 	 	152,640	
 	 	185,742	
 	 	183,534	
 	 	200,620	
 	 	(52,077	)	 	 	 	670,459	
 	 	784,437	
 	 	(113,978	)	 	 	 	 	 	 	
Interest credited	 	4	
 	 	5	
 	 	5	
 	 	4	
 	 	14	
 	 	(10	)	 	 	 	18	
 	 	33	
 	 	(15	)	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	43,226	
 	 	46,581	
 	 	53,371	
 	 	49,551	
 	 	60,699	
 	 	(17,473	)	 	 	 	192,729	
 	 	234,599	
 	 	(41,870	)	 	 	 	 	 	 	
Other operating expenses	 	10,067	
 	 	8,140	
 	 	8,236	
 	 	9,188	
 	 	9,826	
 	 	241	
 	 	 	 	35,631	
 	 	39,011	
 	 	(3,380	)	 	 	 	 	 	 	
Total benefits and expenses	 	201,840	
 	 	207,366	
 	 	247,354	
 	 	242,277	
 	 	271,159	
 	 	(69,319	)	 	 	 	898,837	
 	 	1,058,080	
 	 	(159,243	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	45,086	
 	 	37,793	
 	 	23,759	
 	 	17,173	
 	 	18,198	
 	 	26,888	
 	 	 	 	123,811	
 	 	92,329	
 	 	31,482	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	45,086	
 	 	37,793	
 	 	23,759	
 	 	17,173	
 	 	18,198	
 	 	26,888	
 	 	 	 	123,811	
 	 	92,329	
 	 	31,482	
 	 	 	 	 	 	 	
Investment and derivative gains (losses) - non-operating	 	(259	)	 	(4,930	)	 	(1,277	)	 	519	
 	 	1,418	
 	 	(1,677	)	 	 	 	(5,947	)	 	974	
 	 	(6,921	)	 	 	 	 	 	 	
Funds withheld gains (losses) - investment income	 	(187	)	 	1,209	
 	 	254	
 	 	5,035	
 	 	217	
 	 	(404	)	 	 	 	6,311	
 	 	2,132	
 	 	4,179	
 	 	 	 	 	 	 	
Income before income taxes	 	$	44,640	
 	 	$	34,072	
 	 	$	22,736	
 	 	$	22,727	
 	 	$	19,833	
 	 	$	24,807	
 	 	 	 	$	124,175	
 	 	$	95,435	
 	 	$	28,740	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss ratios (creditor business)	 	28.2	%	 	34.4	%	 	31.8	%	 	29.5	%	 	31.3	%	 	(3.1	)%	 	 	 	31.1	%	 	29.5	%	 	1.6	 %	 	 	 	 	 	 	
Loss ratios (excluding creditor business)	 	82.5	%	 	86.6	%	 	95.9	%	 	101.2	%	 	100.6	%	 	(18.1	)%	 	 	 	91.7	%	 	98.5	%	 	(6.8	)%	 	 	 	 	 	 	
Claims and other policy benefits / (net premiums + investment income)	 	60.8	%	 	62.7	%	 	68.7	%	 	71.4	%	 	69.7	%	 	(8.9	)%	 	 	 	66.0	%	 	68.5	%	 	(2.5	)%	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses (creditor business)	 	66.2	%	 	62.1	%	 	64.0	%	 	63.0	%	 	65.8	%	 	0.4	 %	 	 	 	63.7	%	 	64.2	%	 	(0.5	)%	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses (excluding creditor business)	 	12.9	%	 	13.7	%	 	13.2	%	 	12.9	%	 	11.9	%	 	1.0	 %	 	 	 	13.2	%	 	12.4	%	 	0.8	 %	 	 	 	 	 	 	
Other operating expenses	 	5.0	%	 	4.1	%	 	3.7	%	 	4.3	%	 	4.1	%	 	0.9	 %	 	 	 	4.2	%	 	4.1	%	 	0.1	 %	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on   (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(35,018	)	 	$	(40,371	)	 	$	(28,850	)	 	$	(26,121	)	 	$	(18,820	)	 	$	(16,198	)	 	 	 	$	(130,360	)	 	$	(68,788	)	 	$	(61,572	)	 	 	 	 	 	 	
Operating income before income taxes	 	$	(7,795	)	 	$	(7,644	)	 	$	(3,065	)	 	$	(2,147	)	 	$	(1,750	)	 	$	(6,045	)	 	 	 	$	(20,651	)	 	$	(7,321	)	 	$	(13,330	)	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Creditor reinsurance net premiums	 	$	32,484	
 	 	$	39,462	
 	 	$	46,629	
 	 	$	44,054	
 	 	$	59,451	
 	 	$	(26,967	)	 	 	 	$	162,629	
 	 	$	224,220	
 	 	$	(61,591	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Note: The loss ratios on creditor reinsurance business are normally lower than traditional reinsurance, while allowances are normally higher as a percentage of premiums.	 	 	 	 	 	 	
(1) Compared to comparable prior year period	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

 	
 	 	 	
 	 	Page 12

Reinsurance Group of America, Incorporated
Canada Non-Traditional Segment Pre-tax Operating Income (1)	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	 	 	 	 	Dec. 31,	 	Dec. 31,	 	 	 	 	 	 	
(USD thousands)	 	2015	 	2015	 	2015	 	2015	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	9,002	
 	 	$	9,275	
 	 	$	9,725	
 	 	$	9,967	
 	 	$	4,615	
 	 	$	4,387	
 	 	 	 	$	37,969	
 	 	$	21,192	
 	 	$	16,777	
 	 	 	 	 	 	 	
Investment income, net of related expenses	 	328	
 	 	230	
 	 	328	
 	 	550	
 	 	616	
 	 	(288	)	 	 	 	1,436	
 	 	2,595	
 	 	(1,159	)	 	 	 	 	 	 	
Other revenue	 	1,332	
 	 	1,535	
 	 	1,405	
 	 	1,357	
 	 	1,432	
 	 	(100	)	 	 	 	5,629	
 	 	4,483	
 	 	1,146	
 	 	 	 	 	 	 	
Total revenues	 	10,662	
 	 	11,040	
 	 	11,458	
 	 	11,874	
 	 	6,663	
 	 	3,999	
 	 	 	 	45,034	
 	 	28,270	
 	 	16,764	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	6,708	
 	 	7,340	
 	 	7,904	
 	 	7,299	
 	 	4,451	
 	 	2,257	
 	 	 	 	29,251	
 	 	20,116	
 	 	9,135	
 	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	145	
 	 	152	
 	 	148	
 	 	107	
 	 	131	
 	 	14	
 	 	 	 	552	
 	 	581	
 	 	(29	)	 	 	 	 	 	 	
Other operating expenses	 	389	
 	 	291	
 	 	312	
 	 	337	
 	 	350	
 	 	39	
 	 	 	 	1,329	
 	 	1,388	
 	 	(59	)	 	 	 	 	 	 	
Total benefits and expenses	 	7,242	
 	 	7,783	
 	 	8,364	
 	 	7,743	
 	 	4,932	
 	 	2,310	
 	 	 	 	31,132	
 	 	22,085	
 	 	9,047	

Operating income before income taxes	 	3,420	
 	 	3,257	
 	 	3,094	
 	 	4,131	
 	 	1,731	
 	 	1,689	
 	 	 	 	13,902	
 	 	6,185	
 	 	7,717	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	3,420	
 	 	3,257	
 	 	3,094	
 	 	4,131	
 	 	1,731	
 	 	1,689	
 	 	 	 	13,902	
 	 	6,185	
 	 	7,717	
 	 	 	 	 	 	 	
Investment and derivative gains (losses) - non-operating	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	8	
 	 	(8	)	 	 	 	—	
 	 	80	
 	 	(80	)	 	 	 	 	 	 	
Income before income taxes	 	$	3,420	
 	 	$	3,257	
 	 	$	3,094	
 	 	$	4,131	
 	 	$	1,739	
 	 	$	1,681	
 	 	 	 	$	13,902	
 	 	$	6,265	
 	 	$	7,637	

Foreign currency effect on   (2) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(1,570	)	 	$	(1,872	)	 	$	(1,234	)	 	$	(1,302	)	 	$	(1,390	)	 	$	(180	)	 	 	 	$	(5,978	)	 	$	(1,530	)	 	$	(4,448	)	 	 	 	 	 	 	
Operating income before income taxes	 	$	(623	)	 	$	(659	)	 	$	(397	)	 	$	(251	)	 	$	(146	)	 	$	(477	)	 	 	 	$	(1,930	)	 	$	(456	)	 	$	(1,474	)	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) The Canadian non-traditional segment includes longevity and financial reinsurance business.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(2) Compared to comparable prior year period	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 13

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Traditional Segment Pre-tax Operating Income

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	 	 	 	 	Dec. 31,	 	Dec. 31,	 	 	 	 	 	 	
(USD thousands)	 	2015	 	2015	 	2015	 	2015	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	299,938	
 	 	$	276,111	
 	 	$	275,745	
 	 	$	269,746	
 	 	$	288,191	
 	 	$	11,747	
 	 	 	 	$	1,121,540	
 	 	$	1,157,407	
 	 	$	(35,867	)	 	 	 	 	 	 	
Investment income, net of related expenses	 	14,123	
 	 	12,066	
 	 	13,092	
 	 	12,089	
 	 	15,099	
 	 	(976	)	 	 	 	51,370	
 	 	52,086	
 	 	(716	)	 	 	 	 	 	 	
Investment related gains (losses), net	 	7,527	
 	 	(7,167	)	 	(4,509	)	 	12,208	
 	 	3,678	
 	 	3,849	
 	 	 	 	8,059	
 	 	14,004	
 	 	(5,945	)	 	 	 	 	 	 	
Other revenue	 	5,380	
 	 	3,051	
 	 	(136	)	 	1,140	
 	 	(582	)	 	5,962	
 	 	 	 	9,435	
 	 	2,364	
 	 	7,071	
 	 	 	 	 	 	 	
Total revenues	 	326,968	
 	 	284,061	
 	 	284,192	
 	 	295,183	
 	 	306,386	
 	 	20,582	
 	 	 	 	1,190,404	
 	 	1,225,861	
 	 	(35,457	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	260,874	
 	 	232,473	
 	 	240,942	
 	 	235,307	
 	 	247,959	
 	 	12,915	
 	 	 	 	969,596	
 	 	997,760	
 	 	(28,164	)	 	 	 	 	 	 	
Interest credited	 	8,126	
 	 	(6,798	)	 	(4,048	)	 	12,349	
 	 	4,076	
 	 	4,050	
 	 	 	 	9,629	
 	 	15,571	
 	 	(5,942	)	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	19,171	
 	 	17,680	
 	 	14,183	
 	 	12,008	
 	 	14,038	
 	 	5,133	
 	 	 	 	63,042	
 	 	56,972	
 	 	6,070	
 	 	 	 	 	 	 	
Other operating expenses	 	25,938	
 	 	25,085	
 	 	23,956	
 	 	25,086	
 	 	30,414	
 	 	(4,476	)	 	 	 	100,065	
 	 	104,441	
 	 	(4,376	)	 	 	 	 	 	 	
Total benefits and expenses	 	314,109	
 	 	268,440	
 	 	275,033	
 	 	284,750	
 	 	296,487	
 	 	17,622	
 	 	 	 	1,142,332	
 	 	1,174,744	
 	 	(32,412	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	12,859	
 	 	15,621	
 	 	9,159	
 	 	10,433	
 	 	9,899	
 	 	2,960	
 	 	 	 	48,072	
 	 	51,117	
 	 	(3,045	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	12,859	
 	 	15,621	
 	 	9,159	
 	 	10,433	
 	 	9,899	
 	 	2,960	
 	 	 	 	48,072	
 	 	51,117	
 	 	(3,045	)	 	 	 	 	 	 	
Investment and derivative gains (losses) - non-operating	 	—	
 	 	289	
 	 	—	
 	 	49	
 	 	3,330	
 	 	(3,330	)	 	 	 	338	
 	 	9,188	
 	 	(8,850	)	 	 	 	 	 	 	
Income before income taxes	 	$	12,859	
 	 	$	15,910	
 	 	$	9,159	
 	
 	$	10,482	
 	 	$	13,229	
 	 	$	(370	)	 	 	 	$	48,410	
 	 	$	60,305	
 	 	$	(11,895	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	87.0	%	 	84.2	%	 	87.4	%	 	87.2	%	 	86.0	%	 	1.0	 %	 	 	 	86.5	%	 	86.2	%	 	0.3	 %	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	6.4	%	 	6.4	%	 	5.1	%	 	4.5	%	 	4.9	%	 	1.5	 %	 	 	 	5.6	%	 	4.9	%	 	0.7	 %	 	 	 	 	 	 	
Other operating expenses	 	8.6	%	 	9.1	%	 	8.7	%	 	9.3	%	 	10.6	%	 	(2.0	)%	 	 	 	8.9	%	 	9.0	%	 	(0.1	)%	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on   (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(24,499	)	 	$	(29,879	)	 	$	(35,426	)	 	$	(29,430	)	 	$	(24,435	)	 	$	(64	)	 	 	 	$	(119,234	)	 	$	19,049	
 	 	$	(138,283	)	 	 	 	 	 	 	
Operating income before income taxes	 	$	(1,285	)	 	$	(716	)	 	$	(770	)	 	$	(1,301	)	 	$	(905	)	 	$	(380	)	 	 	 	$	(4,072	)	 	$	1,443	
 	 	$	(5,515	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Critical illness net premiums	 	$	58,610	
 	 	$	58,069	
 	 	$	58,278	
 	 	$	58,219	
 	 	$	62,511	
 	 	$	(3,901	)	 	 	 	$	233,176	
 	 	$	257,749	
 	 	$	(24,573	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Compared to comparable prior year period	 	 	 	 	 	 	

 	
 	 	 	
 	 	Page 14

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Non-Traditional Segment Pre-tax Operating Income (1)

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	 	 	 	 	Dec. 31,	 	Dec. 31,	 	 	 	 	 	 	
(USD thousands)	 	2015	 	2015	 	2015	 	2015	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	47,152	
 	 	$	44,584	
 	 	$	50,234	
 	 	$	29,860	
 	 	$	57,694	
 	 	$	(10,542	)	 	 	 	$	171,830	
 	 	$	216,562	
 	 	$	(44,732	)	 	 	 	 	 	 	
Investment income, net of related expenses	 	23,468	
 	 	17,305	
 	 	15,782	
 	 	16,877	
 	 	28,799	
 	 	(5,331	)	 	 	 	73,432	
 	 	55,043	
 	 	18,389	
 	 	 	 	 	 	 	
Other revenue	 	6,758	
 	 	6,953	
 	 	9,694	
 	 	7,640	
 	 	8,725	
 	 	(1,967	)	 	 	 	31,045	
 	 	35,159	
 	 	(4,114	)	 	 	 	 	 	 	
Total revenues	 	77,378	
 	 	68,842	
 	 	75,710	
 	 	54,377	
 	 	95,218	
 	 	(17,840	)	 	 	 	276,307	
 	 	306,764	
 	 	(30,457	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	52,064	
 	 	37,923	
 	 	39,849	
 	 	32,081	
 	 	66,032	
 	 	(13,968	)	 	 	 	161,917	
 	 	204,110	
 	 	(42,193	)	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	(325	)	 	(511	)	 	266	
 	 	(530	)	 	(646	)	 	321	
 	 	 	 	(1,100	)	 	(2,356	)	 	1,256	
 	 	 	 	 	 	 	
Other operating expenses	 	6,860	
 	 	2,592	
 	 	3,761	
 	 	4,191	
 	 	5,948	
 	 	912	
 	 	 	 	17,404	
 	 	19,707	
 	 	(2,303	)	 	 	 	 	 	 	
Total benefits and expenses	 	58,599	
 	 	40,004	
 	 	43,876	
 	 	35,742	
 	 	71,334	
 	 	(12,735	)	 	 	 	178,221	
 	 	221,461	
 	 	(43,240	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	18,779	
 	 	28,838	
 	 	31,834	
 	 	18,635	
 	 	23,884	
 	 	(5,105	)	 	 	 	98,086	
 	 	85,303	
 	 	12,783	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	18,779	
 	 	28,838	
 	 	31,834	
 	 	18,635	
 	 	23,884	
 	 	(5,105	)	 	 	 	98,086	
 	 	85,303	
 	 	12,783	
 	 	 	 	 	 	 	
Investment and derivative gains (losses) - non-operating	 	9,261	
 	 	8	
 	 	50	
 	 	851	
 	 	2,314	
 	 	6,947	
 	 	 	 	10,170	
 	 	15,522	
 	 	(5,352	)	 	 	 	 	 	 	
Non-investment derivatives	 	105	
 	 	388	
 	 	(452	)	 	148	
 	 	512	
 	 	(407	)	 	 	 	189	
 	 	512	
 	 	(323	)	 	 	 	 	 	 	
Income before income taxes	 	$	28,145	
 	 	$	29,234	
 	 	$	31,432	
 	 	$	19,634	
 	 	$	26,710	
 	 	$	1,435	
 	 	 	 	$	108,445	
 	 	$	101,337	
 	 	$	7,108	

Foreign currency effect on  (2) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(2,062	)	 	$	(3,394	)	 	$	(4,779	)	 	$	(2,327	)	 	$	9,345	
 	 	$	(11,407	)	 	 	 	$	(12,562	)	 	$	10,196	
 	 	$	(22,758	)	 	 	 	 	 	 	
Operating income before income taxes	 	$	(1,441	)	 	$	(2,780	)	 	$	(4,214	)	 	$	(2,393	)	 	$	(1,510	)	 	$	69	
 	 	 	 	$	(10,828	)	 	$	2,332	
 	 	$	(13,160	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) The Europe, Middle East and Africa non-traditional segment includes asset intensive, financial reinsurance, capital motivated and longevity closed block business.	 	 	 	 	 	 	
(2) Compared to comparable prior year period	 	 	 	 	 	 	

                                        

 	 	Page 15

Reinsurance Group of America, Incorporated
Asia Pacific Traditional Segment Pre-tax Operating Income	 	

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	 	 	 	 	Dec. 31,	 	Dec. 31,	 	 	 	 	 	 	
(USD thousands)	 	2015	 	2015	 	2015	 	2015	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	388,663	
 	 	$	400,322	
 	 	$	390,456	
 	 	$	372,145	
 	 	$	390,652	
 	 	$	(1,989	)	 	 	 	$	1,551,586	
 	 	$	1,540,910	
 	 	$	10,676	
 	 	 	 	 	 	 	
Investment income, net of related expenses	 	20,276	
 	 	19,626	
 	 	20,043	
 	 	20,604	
 	 	20,785	
 	 	(509	)	 	 	 	80,549	
 	 	84,489	
 	 	(3,940	)	 	 	 	 	 	 	
Investment related gains (losses), net	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	(1	)	 	1	
 	 	 	 	—	
 	 	—	
 	 	—	
 	 	 	 	 	 	 	
Other revenue	 	553	
 	 	3,728	
 	 	815	
 	 	1,126	
 	 	3,363	
 	 	(2,810	)	 	 	 	6,222	
 	 	58,098	
 	 	(51,876	)	 	 	 	 	 	 	
Total revenues	 	409,492	
 	 	423,676	
 	 	411,314	
 	 	393,875	
 	 	414,799	
 	 	(5,307	)	 	 	 	1,638,357	
 	 	1,683,497	
 	 	(45,140	)	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	284,269	
 	 	333,739	
 	 	325,667	
 	 	265,309	
 	 	312,540	
 	 	(28,271	)	 	 	 	1,208,984	
 	 	1,208,611	
 	 	373	
 	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	49,747	
 	 	41,982	
 	 	49,335	
 	 	46,912	
 	 	46,691	
 	 	3,056	
 	 	 	 	187,976	
 	 	258,812	
 	 	(70,836	)	 	 	 	 	 	 	
Other operating expenses	 	39,767	
 	 	34,973	
 	 	31,997	
 	 	29,006	
 	 	37,541	
 	 	2,226	
 	 	 	 	135,743	
 	 	128,411	
 	 	7,332	
 	 	 	 	 	 	 	
Total benefits and expenses	 	373,783	
 	 	410,694	
 	 	406,999	
 	 	341,227	
 	 	396,772	
 	 	(22,989	)	 	 	 	1,532,703	
 	 	1,595,834	
 	 	(63,131	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	35,709	
 	 	12,982	
 	 	4,315	
 	 	52,648	
 	 	18,027	
 	 	17,682	
 	 	 	 	105,654	
 	 	87,663	
 	 	17,991	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	35,709	
 	 	12,982	
 	 	4,315	
 	 	52,648	
 	 	18,027	
 	 	17,682	
 	 	 	 	105,654	
 	 	87,663	
 	 	17,991	
 	 	 	 	 	 	 	
Investment and derivative gains (losses) - non-operating	 	1,706	
 	 	(1,706	)	 	—	
 	 	—	
 	 	1,193	
 	 	513	
 	 	 	 	—	
 	 	2,939	
 	 	(2,939	)	 	 	 	 	 	 	
Income before income taxes	 	$	37,415	
 	 	$	11,276	
 	 	$	4,315	
 	 	$	52,648	
 	 	$	19,220	
 	 	$	18,195	
 	 	 	 	$	105,654	
 	 	$	90,602	
 	 	$	15,052	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	73.1	%	 	83.4	%	 	83.4	%	 	71.3	%	 	80.0	%	 	(6.9	)%	 	 	 	77.9	%	 	78.4	%	 	(0.5	)%	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	12.8	%	 	10.5	%	 	12.6	%	 	12.6	%	 	12.0	%	 	0.8	 %	 	 	 	12.1	%	 	16.8	%	 	(4.7	)%	 	 	 	 	 	 	
Other operating expenses	 	10.2	%	 	8.7	%	 	8.2	%	 	7.8	%	 	9.6	%	 	0.6	 %	 	 	 	8.7	%	 	8.3	%	 	0.4	 %	 	 	 	 	 	 	

Foreign currency effect on   (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(43,034	)	 	$	(69,139	)	 	$	(50,842	)	 	$	(35,158	)	 	$	(23,238	)	 	$	(19,796	)	 	 	 	$	(198,173	)	 	$	(65,838	)	 	$	(132,335	)	 	 	 	 	 	 	
Operating income before income taxes	 	$	(4,204	)	 	$	(601	)	 	$	1,533	
 	 	$	(4,762	)	 	$	(2,414	)	 	$	(1,790	)	 	 	 	$	(8,034	)	 	$	(6,523	)	 	$	(1,511	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Critical illness net premiums	 	$	81,271	
 	 	$	86,341	
 	 	$	75,120	
 	 	$	69,867	
 	 	$	76,231	
 	 	$	5,040	
 	 	 	 	$	312,599	
 	 	$	275,662	
 	 	$	36,937	

(1) Compared to comparable prior year period	 	 	 	 	 	 	

                                        

 	 	Page 16

Reinsurance Group of America, Incorporated
Asia Pacific Non-Traditional Segment Pre-tax Operating Income (1)	 	

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	 	 	 	 	Dec. 31,	 	Dec. 31,	 	 	 	 	 	 	
(USD thousands)	 	2015	 	2015	 	2015	 	2015	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	5,487	
 	 	$	2,807	
 	 	$	898	
 	 	$	10,282	
 	 	$	9,429	
 	 	$	(3,942	)	 	 	 	$	19,474	
 	 	$	34,030	
 	 	$	(14,556	)	 	 	 	 	 	 	
Investment income, net of related expenses	 	6,659	
 	 	4,482	
 	 	3,888	
 	 	3,649	
 	 	4,264	
 	 	2,395	
 	 	 	 	18,678	
 	 	17,972	
 	 	706	
 	 	 	 	 	 	 	
Investment related gains (losses), net	 	654	
 	 	706	
 	 	507	
 	 	501	
 	 	665	
 	 	(11	)	 	 	 	2,368	
 	 	2,855	
 	 	(487	)	 	 	 	 	 	 	
Other revenue	 	5,698	
 	 	4,306	
 	 	3,839	
 	 	5,117	
 	 	5,539	
 	 	159	
 	 	 	 	18,960	
 	 	22,751	
 	 	(3,791	)	 	 	 	 	 	 	
Total revenues	 	18,498	
 	 	12,301	
 	 	9,132	
 	 	19,549	
 	 	19,897	
 	 	(1,399	)	 	 	 	59,480	
 	 	77,608	
 	 	(18,128	)	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	4,951	
 	 	903	
 	 	4,706	
 	 	5,735	
 	 	8,103	
 	 	(3,152	)	 	 	 	16,295	
 	 	41,455	
 	 	(25,160	)	 	 	 	 	 	 	
Interest credited	 	3,095	
 	 	1,023	
 	 	169	
 	 	184	
 	 	195	
 	 	2,900	
 	 	 	 	4,471	
 	 	896	
 	 	3,575	
 	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	1,297	
 	 	292	
 	 	419	
 	 	546	
 	 	367	
 	 	930	
 	 	 	 	2,554	
 	 	2,296	
 	 	258	
 	 	 	 	 	 	 	
Other operating expenses	 	3,705	
 	 	3,790	
 	 	3,187	
 	 	2,960	
 	 	4,006	
 	 	(301	)	 	 	 	13,642	
 	 	13,942	
 	 	(300	)	 	 	 	 	 	 	
Total benefits and expenses	 	13,048	
 	 	6,008	
 	 	8,481	
 	 	9,425	
 	 	12,671	
 	 	377	
 	 	 	 	36,962	
 	 	58,589	
 	 	(21,627	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	5,450	
 	 	6,293	
 	 	651	
 	 	10,124	
 	 	7,226	
 	 	(1,776	)	 	 	 	22,518	
 	 	19,019	
 	 	3,499	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	5,450	
 	 	6,293	
 	 	651	
 	 	10,124	
 	 	7,226	
 	 	(1,776	)	 	 	 	22,518	
 	 	19,019	
 	 	3,499	
 	 	 	 	 	 	 	
Investment and derivative gains (losses) - non-operating	 	17	
 	 	(881	)	 	(2,056	)	 	21	
 	 	(5,803	)	 	5,820	
 	 	 	 	(2,899	)	 	(7,326	)	 	4,427	
 	 	 	 	 	 	 	
Income (loss) before income taxes	 	$	5,467	
 	 	$	5,412	
 	 	$	(1,405	)	 	$	10,145	
 	 	$	1,423	
 	 	$	4,044	
 	 	 	 	$	19,619	
 	 	$	11,693	
 	 	$	7,926	

Foreign currency effect on  (2) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(373	)	 	$	(392	)	 	$	(156	)	 	$	(1,686	)	 	$	(2,555	)	 	$	2,182	
 	 	 	 	$	(2,607	)	 	$	(3,465	)	 	$	858	
 	 	 	 	 	 	 	
Operating income before income taxes	 	$	(774	)	 	$	(1,719	)	 	$	(614	)	 	$	(451	)	 	$	(1,355	)	 	$	581	
 	 	 	 	$	(3,558	)	 	$	(2,613	)	 	$	(945	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) The Asia Pacific non-traditional segment includes asset intensive, financial reinsurance, and disabled life closed block business.	 	 	 	 	 	 	
(2) Compared to comparable prior year period	 	 	 	 	 	 	

                                        

 	 	Page 17

 
Reinsurance Group of America, Incorporated
Corporate and Other Segment Pre-tax Operating Income	 	

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-Date	 	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	 	 	 	 	Dec. 31,	 	Dec. 31,	 	 	 	 	 	 	
(USD thousands)	 	2015	 	2015	 	2015	 	2015	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	112	
 	 	$	133	
 	 	$	153	
 	 	$	167	
 	 	$	173	
 	 	$	(61	)	 	 	 	$	565	
 	 	$	780	
 	 	$	(215	)	 	 	 	 	 	 	
Investment income, net of related expenses	 	28,355	
 	 	31,693	
 	 	31,707	
 	 	31,695	
 	 	33,762	
 	 	(5,407	)	 	 	 	123,450	
 	 	110,806	
 	 	12,644	
 	 	 	 	 	 	 	
Investment related gains (losses), net	 	523	
 	 	519	
 	 	460	
 	 	447	
 	 	468	
 	 	55	
 	 	 	 	1,949	
 	 	1,414	
 	 	535	
 	 	 	 	 	 	 	
Other revenue	 	6,650	
 	 	(1,670	)	 	3,348	
 	 	1,730	
 	 	(379	)	 	7,029	
 	 	 	 	10,058	
 	 	7,720	
 	 	2,338	
 	 	 	 	 	 	 	
Total revenues	 	35,640	
 	 	30,675	
 	 	35,668	
 	 	34,039	
 	 	34,024	
 	 	1,616	
 	 	 	 	136,022	
 	 	120,720	
 	 	15,302	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	(11	)	 	(4	)	 	—	
 	 	53	
 	 	2	
 	 	(13	)	 	 	 	38	
 	 	(4	)	 	42	
 	 	 	 	 	 	 	
Interest credited	 	369	
 	 	244	
 	 	203	
 	 	212	
 	 	205	
 	 	164	
 	 	 	 	1,028	
 	 	808	
 	 	220	
 	 	 	 	 	 	 	
Policy acquisition costs and other insurance income	 	(22,886	)	 	(22,234	)	 	(21,843	)	 	(20,588	)	 	(24,139	)	 	1,253	
 	 	 	 	(87,551	)	 	(83,501	)	 	(4,050	)	 	 	 	 	 	 	
Other operating expenses	 	32,878	
 	 	31,668	
 	 	26,137	
 	 	18,334	
 	 	41,279	
 	 	(8,401	)	 	 	 	109,017	
 	 	96,602	
 	 	12,415	
 	 	 	 	 	 	 	
Interest expense	 	35,820	
 	 	35,565	
 	 	35,851	
 	 	35,627	
 	 	(9,660	)	 	45,480	
 	 	 	 	142,863	
 	 	96,700	
 	 	46,163	
 	 	 	 	 	 	 	
Collateral finance and securitization expense	 	6,182	
 	 	5,133	
 	 	5,258	
 	 	6,071	
 	 	3,710	
 	 	2,472	
 	 	 	 	22,644	
 	 	11,441	
 	 	11,203	
 	 	 	 	 	 	 	
Total benefits and expenses	 	52,352	
 	 	50,372	
 	 	45,606	
 	 	39,709	
 	 	11,397	
 	 	40,955	
 	 	 	 	188,039	
 	 	122,046	
 	 	65,993	

Operating income (loss) before income taxes	 	(16,712	)	 	(19,697	)	 	(9,938	)	 	(5,670	)	 	22,627	
 	 	(39,339	)	 	 	 	(52,017	)	 	(1,326	)	
 	(50,691	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	(16,712	)	 	(19,697	)	 	(9,938	)	 	(5,670	)	 	22,627	
 	 	(39,339	)	 	 	 	(52,017	)	 	(1,326	)	 	(50,691	)	 	 	 	 	 	 	
Investment and derivative gains (losses) - non-operating	 	(34,799	)	 	(31,229	)	 	1,252	
 	 	(2,280	)	 	(3,696	)	 	(31,103	)	 	 	 	(67,056	)	 	(10,299	)	 	(56,757	)	 	 	 	 	 	 	
Non-investment derivatives	 	15	
 	 	(5	)	 	(41	)	 	(40	)	 	(40	)	 	55	
 	 	 	 	(71	)	 	(68	)	 	(3	)	 	 	 	 	 	 	
Income (loss) before income taxes	 	$	(51,496	)	 	$	(50,931	)	 	$	(8,727	)	 	$	(7,990	)	 	$	18,891	
 	 	$	(70,387	)	 	 	 	$	(119,144	)	 	$	(11,693	)	 	$	(107,451	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on   (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	$	(2,604	)	 	$	(1,407	)	 	$	(1,173	)	 	$	(528	)	 	$	(1,196	)	 	$	(1,408	)	 	 	 	$	(5,712	)	 	$	(5,568	)	 	$	(144	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Compared to comparable prior year period	 	 	 	 	 	 	

 

 	
 	 	 	
 	 	Page 18

 
Reinsurance Group of America, Incorporated
Summary of Pre-tax Segment Operating Income	 	

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	 	 	 	 	Dec. 31,	 	Dec. 31,	 	 	 	 	 	 	
(USD thousands)	 	2015	 	2015	 	2015	 	2015	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
U.S. and Latin America:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	 	$	78,990	
 	 	$	54,726	
 	 	$	79,433	
 	 	$	20,316	
 	 	$	134,120	
 	 	$	(55,130	)	 	 	 	$	233,465	
 	 	$	350,202	
 	 	$	(116,737	)	 	 	 	 	 	 	
Non-Traditional:	 	 	 	 	 	 	 	 	 	 	 	

Asset Intensive	 	47,596	
 	 	55,230	
 	 	56,402	
 	 	40,334	
 	 	56,014	
 	 	(8,418	)	 	 	 	199,562	
 	 	199,022	
 	 	540	
 	 	 	 	 	 	 	
Financial Reinsurance	 	15,936	
 	 	12,073	
 	 	14,643	
 	 	12,365	
 	 	12,530	
 	 	3,406	
 	 	 	 	55,017	
 	 	52,369	
 	 	2,648	
 	 	 	 	 	 	 	
Total U.S. and Latin America	 	142,522	
 	 	122,029	
 	 	150,478	
 	 	73,015	
 	 	202,664	
 	 	(60,142	)	 	 	 	488,044	
 	 	601,593	
 	 	(113,549	)	 	 	 	 	 	 	
Canada:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Canada Traditional	 	45,086	
 	 	37,793	
 	 	23,759	
 	 	17,173	
 	 	18,198	
 	 	26,888	
 	 	 	 	123,811	
 	 	92,329	
 	 	31,482	
 	 	 	 	 	 	 	
Canada Non-Traditional	 	3,420	
 	 	3,257	
 	 	3,094	
 	 	4,131	
 	 	1,731	
 	 	1,689	
 	 	 	 	13,902	
 	 	6,185	
 	 	7,717	
 	 	 	 	 	 	 	
Total Canada	 	48,506	
 	 	41,050	
 	 	26,853	
 	 	21,304	
 	 	19,929	
 	 	28,577	
 	 	 	 	137,713	
 	 	98,514	
 	 	39,199	
 	 	 	 	 	 	 	
Europe, Middle East and Africa:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Europe, Middle East and Africa Traditional	 	12,859	
 	 	15,621	
 	 	9,159	
 	 	10,433	
 	 	9,899	
 	 	2,960	
 	 	 	 	48,072	
 	 	51,117	
 	 	(3,045	)	 	 	 	 	 	 	
Europe, Middle East and Africa Non-Traditional	 	18,779	
 	 	28,838	
 	 	31,834	
 	 	18,635	
 	 	23,884	
 	 	(5,105	)	 	 	 	98,086	
 	 	85,303	
 	 	12,783	
 	 	 	 	 	 	 	
Total Europe, Middle East and Africa	 	31,638	
 	 	44,459	
 	 	40,993	
 	 	29,068	
 	 	33,783	
 	 	(2,145	)	 	 	 	146,158	
 	 	136,420	
 	 	9,738	
 	 	 	 	 	 	 	
Asia Pacific:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Asia Pacific Traditional	 	35,709	
 	 	12,982	
 	 	4,315	
 	 	52,648	
 	 	18,027	
 	 	17,682	
 	 	 	 	105,654	
 	 	87,663	
 	 	17,991	
 	 	 	 	 	 	 	
Asia Pacific Non-Traditional	 	5,450	
 	 	6,293	
 	 	651	
 	 	10,124	
 	 	7,226	
 	 	(1,776	)	 	 	 	22,518	
 	 	19,019	
 	 	3,499	
 	 	 	 	 	 	 	
Total Asia Pacific	 	41,159	
 	 	19,275	
 	 	4,966	
 	 	62,772	
 	 	25,253	
 	 	15,906	
 	 	 	 	128,172	
 	 	106,682	
 	 	21,490	
 	 	 	 	 	 	 	
Corporate and Other	 	(16,712	)	 	(19,697	)	 	(9,938	)	 	(5,670	)	 	22,627	
 	 	(39,339	)	 	 	 	(52,017	)	 	(1,326	)	 	(50,691	)	 	 	 	 	 	 	
Consolidated	 	$	247,113	
 	 	$	207,116	
 	 	$	213,352	
 	 	$	180,489	
 	 	$	304,256	
 	 	$	(57,143	)	 	 	 	$	848,070	
 	 	$	941,883	
 	 	$	(93,813	)	 	 	 	 	 	 	

 

                                        

 	 	Page 19

 
Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Cash and Invested Assets	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	
 	 	2015	 	2015	 	2015	 	2015	 	2014	
Fixed maturity securities, available-for-sale	 	$	29,642,905	
 	 	$	27,411,788	
 	 	$	28,063,975	
 	 	$	25,801,223	
 	 	$	25,480,972	
 	
Mortgage loans on real estate	 	3,129,951	
 	 	3,170,002	
 	 	3,073,313	
 	 	2,913,486	
 	 	2,712,238	
 	
Policy loans	 	1,468,796	
 	 	1,444,009	
 	 	1,438,156	
 	 	1,284,085	
 	 	1,284,284	
 	
Funds withheld at interest	 	5,880,203	
 	 	5,675,174	
 	 	5,840,076	
 	 	5,841,554	
 	 	5,922,561	
 	
Short-term investments	 	558,284	
 	 	58,200	
 	 	76,118	
 	 	89,136	
 	 	97,694	
 	
Other invested assets	 	1,298,120	
 	 	1,187,504	
 	 	1,110,107	
 	 	1,243,033	
 	 	1,198,319	
 	
Cash and cash equivalents	 	1,525,275	
 	 	1,747,692	
 	 	1,335,661	
 	 	1,083,179	
 	 	1,645,669	
 	
Total cash and invested assets	 	$	43,503,534	
 	 	$	40,694,369	
 	 	$	40,937,406	
 	 	$	38,255,696	
 	 	$	38,341,737	

 
Investment Income and Yield Summary	 	

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-Date	 	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	 	 	 	 	Dec. 31,	 	Dec. 31,	 	 	 	 	 	 	
 	 	2015	 	2015	 	2015	 	2015	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
Average invested assets at amortized cost  (1)	 	$	21,552,560	
 	 	$	20,988,046	
 	 	$	21,029,197	
 	 	$	21,073,262	
 	 	$	20,672,245	
 	 	$	880,315	
 	 	 	 	$	20,784,941	
 	 	$	19,876,715	
 	 	$	908,226	
 	 	 	 	 	 	 	
Net investment income  (1)	 	$	262,660	
 	 	$	240,168	
 	 	$	252,131	
 	 	$	247,239	
 	 	$	250,757	
 	 	$	11,903	
 	 	 	 	$	1,002,197	
 	 	$	957,882	
 	 	$	44,315	
 	 	 	 	 	 	 	
Annualized investment yield (ratio of net investment income to average invested assets)  (1)	 	4.96	%	(2)	4.66	%	 	4.88	%	 	4.78	%	 	4.94	%	 	0.02	%	 	 	 	4.82	%	(2)	4.82	%	 	0.00	%	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Excludes spread-related business (e.g. coinsurance of annuities)	 	 	 	 	 	 	
(2) Includes the cumulative effect of income related to a funds withheld transaction executed in the fourth quarter of 2015, retroactive to the beginning of the year.	 	 	 	 	 	 	

                                        

 	 	Page 20

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Amortized cost, gross unrealized gains and losses, and estimated fair values of fixed maturity and equity securities
(Excludes Funds Withheld Portfolios)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
December 31, 2015	
 	 	Amortized
Cost	 	Unrealized
Gains	 	Unrealized
Losses	 	Estimated Fair
Value	 	% of
Total	 	Other-than-
temporary
Impairment
in AOCI	
Available-for-sale:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	17,575,507	
 	 	$	599,718	
 	 	$	467,069	
 	 	$	17,708,156	
 	 	59.7	%	 	$	—	
 	
Canadian and Canadian provincial governments	 	2,469,009	
 	 	1,110,282	
 	 	2,532	
 	 	3,576,759	
 	 	12.1	%	 	—	
 	
Residential mortgage-backed securities	 	1,277,998	
 	 	45,152	
 	 	11,673	
 	 	1,311,477	
 	 	4.4	%	 	(300	)	
Asset-backed securities	 	1,219,000	
 	 	12,052	
 	 	18,376	
 	 	1,212,676	
 	 	4.1	%	 	354	
 	
Commercial mortgage-backed securities	 	1,456,848	
 	 	37,407	
 	 	11,168	
 	 	1,483,087	
 	 	5.0	%	 	(1,609	)	
U.S. government and agencies	 	1,423,791	
 	 	15,586	
 	 	57,718	
 	 	1,381,659	
 	 	4.7	%	 	—	
 	
State and political subdivisions	 	480,067	
 	 	40,014	
 	 	9,067	
 	 	511,014	
 	 	1.7	%	 	—	
 	
Other foreign government, supranational, and foreign	 	 	 	 	 	 	 	 	 	 	 	 	
 government-sponsored enterprises	 	2,420,757	
 	 	78,964	
 	 	41,644	
 	 	2,458,077	
 	 	8.3	%	 	—	
 	
Total fixed maturity securities	 	$	28,322,977	
 	 	$	1,939,175	
 	 	$	619,247	
 	 	$	29,642,905	
 	 	100.0	%	 	$	(1,555	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-redeemable preferred stock	 	85,645	
 	 	7,837	
 	 	5,962	
 	 	87,520	
 	 	69.5	%	 	 	
Other equity securities	 	40,584	
 	 	—	
 	 	2,242	
 	 	38,342	
 	 	30.5	%	 	 	
Total equity securities	 	$	126,229	
 	 	$	7,837	
 	 	$	8,204	
 	 	$	125,862	
 	 	100.0	%	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
December 31, 2014	
 	 	Amortized
Cost	 	Unrealized
Gains	 	Unrealized
Losses	 	Estimated Fair
Value	 	% of
Total	 	Other-than-
temporary
Impairment
in AOCI	
Available-for-sale:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	14,010,604	
 	 	$	965,523	
 	 	$	90,544	
 	 	$	14,885,583	
 	 	58.4	%	 	$	—	
 	
Canadian and Canadian provincial governments	 	2,668,852	
 	 	1,196,420	
 	 	7	
 	 	3,865,265	
 	 	15.2	%	 	—	
 	
Residential mortgage-backed securities	 	991,867	
 	 	52,640	
 	 	6,611	
 	 	1,037,896	
 	 	4.1	%	 	(300	)	
Asset-backed securities	 	1,059,660	
 	 	20,301	
 	 	10,375	
 	 	1,069,586	
 	 	4.2	%	 	354	
 	
Commercial mortgage-backed securities	 	1,453,657	
 	 	87,593	
 	 	8,659	
 	 	1,532,591	
 	 	6.0	%	 	(1,609	)	
U.S. government and agencies	 	501,352	
 	 	25,014	
 	 	515	
 	 	525,851	
 	 	2.0	%	 	—	
 	
State and political subdivisions	 	378,457	
 	 	51,117	
 	 	3,498	
 	 	426,076	
 	 	1.7	%	 	—	
 	
Other foreign government, supranational, and foreign	 	 	 	 	 	 	 	 	 	 	 	 	
 government-sponsored enterprises	 	2,041,148	
 	 	110,065	
 	 	13,089	
 	 	2,138,124	
 	 	8.4	%	 	—	
 	
Total fixed maturity securities	 	$	23,105,597	
 	 	$	2,508,673	
 	 	$	133,298	
 	 	$	25,480,972	
 	 	100.0	%	 	$	(1,555	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-redeemable preferred stock	 	93,540	
 	 	7,350	
 	 	1,527	
 	 	99,363	
 	 	78.3	%	 	 	
Other equity securities	 	26,994	
 	 	597	
 	 	94	
 	 	27,497	
 	 	21.7	%	 	 	
Total equity securities	 	$	120,534	
 	 	$	7,947	
 	 	$	1,621	
 	 	$	126,860	
 	 	100.0	%	 	 	

 	
 	 	 	
 	 	Page 21

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Corporate Fixed Maturities Securities by Sector
(Excludes Funds Withheld Portfolios)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	December 31, 2015	 	December 31, 2014	
 	 	Amortized
Cost	 	Estimated Fair
Value	 	% of
Total	 	Average
Credit
Ratings (1)	 	Amortized
Cost	 	Estimated Fair
Value	 	% of
Total	 	Average
Credit
Ratings (1)	
Financial Institutions	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Banking	 	$	3,557,406	
 	 	$	3,641,125	
 	 	20.5	%	 	A-	 	$	3,085,645	
 	 	$	3,227,988	
 	 	21.6	%	 	 A-	
Brokerage/Asset Managers/Exchanges	 	315,848	
 	 	327,477	
 	 	1.8	%	 	A	 	247,955	
 	 	268,439	
 	 	1.8	%	 	 A	
Finance Comp.	 	68,996	
 	 	70,947	
 	 	0.4	%	 	BBB-	 	187,055	
 	 	199,781	
 	 	1.3	%	 	 A+	
Insurance	 	877,691	
 	 	908,752	
 	 	5.1	%	 	A-	 	692,464	
 	 	758,825	
 	 	5.1	%	 	 A-	
REITs	 	524,424	
 	 	540,120	
 	 	3.1	%	 	BBB+	 	513,412	
 	 	544,302	
 	 	3.7	%	 	 BBB+	
Other Finance	 	64,426	
 	 	66,623	
 	 	0.4	%	 	A-	 	63,037	
 	 	67,073	
 	 	0.5	%	 	 BBB+	
Total Financial Institutions	 	$	5,408,791	
 	 	$	5,555,044	
 	 	31.3	%	 	 	 	$	4,789,568	
 	 	$	5,066,408	
 	 	34.0	%	 	 	
Industrials	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	937,498	
 	 	894,466	
 	 	5.1	%	 	BBB	 	893,754	
 	 	921,843	
 	 	6.2	%	 	 BBB	
Capital Goods	 	1,090,670	
 	 	1,091,523	
 	 	6.2	%	 	BBB+	 	657,388	
 	 	694,700	
 	 	4.7	%	 	 BBB	
Communications	 	1,891,983	
 	 	1,912,375	
 	 	10.8	%	 	BBB	 	1,448,054	
 	 	1,572,181	
 	 	10.6	%	 	 BBB+	
Consumer Cyclical	 	1,015,183	
 	 	1,028,521	
 	 	5.8	%	 	BBB+	 	665,675	
 	 	709,100	
 	 	4.8	%	 	 BBB+	
Consumer Noncyclical	 	1,762,018	
 	 	1,805,347	
 	 	10.2	%	 	A-	 	1,299,879	
 	 	1,397,510	
 	 	9.4	%	 	 BBB+	
Energy	 	2,064,824	
 	 	1,922,366	
 	 	10.9	%	 	BBB+	 	1,647,847	
 	 	1,699,885	
 	 	11.2	%	 	 BBB	
Technology	 	569,174	
 	 	574,280	
 	 	3.2	%	 	A-	 	465,256	
 	 	485,833	
 	 	3.3	%	 	 BBB+	
Transportation	 	763,055	
 	 	777,939	
 	 	4.4	%	 	A-	 	453,106	
 	 	486,736	
 	 	3.3	%	 	 A-	
Other Industrial	 	117,021	
 	 	123,100	
 	 	0.7	%	 	BBB+	 	108,371	
 	 	118,279	
 	 	0.8	%	 	 A-	
Total Industrials	 	$	10,211,426	
 	 	$	10,129,917	
 	 	57.3	%	 	 	 	$	7,639,330	
 	 	$	8,086,067	
 	 	54.3	%	 	 	
Utilities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Electric	 	1,395,335	
 	 	1,444,368	
 	 	8.2	%	 	BBB+	 	1,192,487	
 	 	1,309,874	
 	 	8.8	%	 	 BBB+	
Natural Gas	 	315,826	
 	 	323,206	
 	 	1.8	%	 	A-	 	234,761	
 	 	251,110	
 	 	1.7	%	 	 A-	
Other Utility	 	244,129	
 	 	255,621	
 	 	1.4	%	 	A-	 	154,458	
 	 	172,124	
 	 	1.2	%	 	 A-	
Total Utilities	 	$	1,955,290	
 	 	$	2,023,195	
 	 	11.4	%	 	 	 	$	1,581,706	
 	 	$	1,733,108	
 	 	11.7	%	 	 	
Total	 	$	17,575,507	
 	 	$	17,708,156	
 	 	100.0	%	 	BBB+	 	$	14,010,604	
 	 	$	14,885,583	
 	 	100.0	%	 	BBB+	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) The Average Credit Rating designations are based on the weighted average ratings from nationally recognized rating organizations, primarily those assigned by S&P. In instances where a S&P rating is not available, the Company will reference the rating provided by Moody’s, and in the absence of both the Company will assign equivalent ratings based on information from the NAIC.	

                                        

 	 	Page 22

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Ratings of Fixed Maturity Securities
(Excludes Funds Withheld Portfolios)

 	 	 	 	December 31, 2015	 	September 30, 2015	 	June 30, 2015	 	March 31, 2015	 	December 31, 2014	
NAIC
Designation (1)	 	Rating Agency
Designation   (2)	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	
1	 	AAA/AA/A	 	$	17,801,017	
 	 	$	19,231,535	
 	 	64.8	%	 	$	16,479,884	
 	 	$	18,012,729	
 	 	65.7	%	 	$	16,880,974	
 	 	$	18,443,284	
 	 	65.7	%	 	$	14,515,363	
 	 	$	16,887,466	
 	 	65.4	%	 	$	14,855,946	
 	 	$	16,866,777	
 	 	66.1	%	
2	 	BBB	 	8,838,444	
 	 	8,830,172	
 	 	29.8	%	 	7,567,172	
 	 	7,691,301	
 	 	28.1	%	 	7,686,514	
 	 	7,881,514	
 	 	28.1	%	 	6,957,089	
 	 	7,450,140	
 	 	28.9	%	 	6,880,383	
 	 	7,258,299	
 	 	28.5	%	
3	 	BB	 	1,054,449	
 	 	1,001,614	
 	 	3.4	%	 	1,061,245	
 	 	1,015,762	
 	 	3.7	%	 	932,629	
 	 	950,069	
 	 	3.4	%	 	799,090	
 	 	825,796	
 	 	3.2	%	 	750,152	
 	 	760,531	
 	 	3.0	%	
4	 	B	 	399,417	
 	 	359,591	
 	 	1.2	%	 	414,775	
 	 	389,089	
 	 	1.4	%	 	510,894	
 	 	504,272	
 	 	1.8	%	 	419,277	
 	 	404,081	
 	 	1.6	%	 	387,456	
 	 	372,375	
 	 	1.5	%	
5	 	CCC	 	207,351	
 	 	197,498	
 	 	0.7	%	 	261,015	
 	 	246,211	
 	 	0.9	%	 	246,203	
 	 	242,930	
 	 	0.9	%	 	219,271	
 	 	214,370	
 	 	0.8	%	 	212,905	
 	 	208,346	
 	 	0.8	%	
6	 	In or near default	 	22,299	
 	 	22,495	
 	 	0.1	%	 	60,704	
 	 	56,696	
 	 	0.2	%	 	48,118	
 	 	41,906	
 	 	0.1	%	 	23,626	
 	 	19,370	
 	 	0.1	%	 	18,755	
 	 	14,644	
 	 	0.1	%	
 	 	Total	 	$	28,322,977	
 	 	$	29,642,905	
 	
 	100.0	%	
 	$	25,844,795	
 	
 	$	27,411,788	
 	
 	100.0	%	
 	$	26,305,332	
 	
 	$	28,063,975	
 	
 	100.0	%	
 	$	22,933,716	
 	
 	$	25,801,223	
 	
 	100.0	%	
 	$	23,105,597	
 	
 	$	25,480,972	
 	
 	100.0	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Structured securities held by the Company’s insurance subsidiaries that maintain the National Association of Insurance Commissioners (NAIC) statutory basis of accounting that meet the definition of SSAP No. 43R utilize the NAIC rating methodology. All other securities will continue to utilize the Nationally Recognized Statistical Rating Organizations (NRSRO) ratings, as available, or equivalent rating based on information from the NAIC.	
(2) The Rating Agency Designation includes all “+” or “-” at that rating level (e. g. ‘BBB’ includes ‘BBB+’, ‘BBB’, and ‘BBB-’).	

Structured Fixed Maturity Securities	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	December 31, 2015	 	September 30, 2015	 	June 30, 2015	 	March 31, 2015	 	December 31, 2014	
 	 	Amortized
Cost	 	Estimated
Fair Value	 	Amortized
Cost	 	Estimated
Fair Value	 	Amortized
Cost	 	Estimated
Fair Value	 	Amortized
Cost	 	Estimated
Fair Value	 	Amortized
Cost	 	Estimated
Fair Value	
Residential mortgage-backed securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Agency	 	$	602,524	
 	 	$	634,077	
 	 	$	614,272	
 	 	$	657,066	
 	 	$	626,139	
 	 	$	656,940	
 	 	$	644,367	
 	 	$	692,101	
 	 	$	639,936	
 	 	$	677,352	
 	
Non-agency	 	675,474	
 	 	677,400	
 	 	619,886	
 	 	626,394	
 	 	528,593	
 	 	533,939	
 	 	428,048	
 	 	435,573	
 	 	351,931	
 	 	360,544	
 	
Total residential mortgage-backed securities	 	1,277,998	
 	 	1,311,477	
 	 	1,234,158	
 	 	1,283,460	
 	 	1,154,732	
 	 	1,190,879	
 	 	1,072,415	
 	 	1,127,674	
 	 	991,867	
 	 	1,037,896	
 	
Commercial mortgage-backed securities	 	1,456,848	
 	 	1,483,087	
 	 	1,441,845	
 	 	1,491,951	
 	 	1,471,419	
 	 	1,525,469	
 	 	1,448,372	
 	 	1,534,274	
 	 	1,453,657	
 	 	1,532,591	
 	
Asset-backed securities	 	1,219,000	
 	 	1,212,676	
 	 	1,055,760	
 	 	1,061,372	
 	 	1,051,093	
 	 	1,062,624	
 	 	1,082,883	
 	 	1,098,112	
 	 	1,059,660	
 	 	1,069,586	
 	
Total	 	$	3,953,846	
 	 	$	4,007,240	
 	 	$	3,731,763	
 	 	$	3,836,783	
 	 	$	3,677,244	
 	 	$	3,778,972	
 	 	$	3,603,670	
 	 	$	3,760,060	
 	 	$	3,505,184	
 	 	$	3,640,073	

                                        

 	 	Page 23

 
Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Gross Unrealized Losses Aging

Fixed Maturity Securities	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	December 31, 2015	 	September 30, 2015	 	June 30, 2015	 	March 31, 2015	 	December 31, 2014	
 	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	
Less than 20%	 	$	458,676	
 	 	73.1	%	 	$	359,324	
 	 	79.5	%	 	$	369,658	
 	 	94.0	%	 	$	71,886	
 	 	72.3	%	 	$	110,346	
 	 	81.8	%	
20% or more for less than six months	 	140,568	
 	 	22.4	%	 	69,197	
 	 	15.3	%	 	9,253	
 	 	2.3	%	 	14,581	
 	 	14.7	%	 	13,698	
 	 	10.1	%	
20% or more for six months or greater	 	20,003	
 	 	3.2	%	 	14,480	
 	 	3.2	%	 	10,328	
 	 	2.6	%	 	11,546	
 	 	11.6	%	 	9,254	
 	 	6.9	%	
Total	 	$	619,247	
 	
 	98.7	%	
 	$	443,001	
 	
 	98.0	%	
 	$	389,239	
 	
 	98.9	%	
 	$	98,013	
 	
 	98.6	%	
 	$	133,298	
 	
 	98.8	%	

Equity Securities	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	December 31, 2015	 	September 30, 2015	 	June 30, 2015	 	March 31, 2015	 	December 31, 2014	
 	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	
Less than 20%	 	$	4,433	
 	 	0.7	%	 	$	4,127	
 	 	0.9	%	 	$	3,654	
 	 	0.9	%	 	$	712	
 	 	0.7	%	 	$	1,619	
 	 	1.2	%	
20% or more for less than six months	 	1,927	
 	 	0.3	%	 	3,687	
 	 	0.8	%	 	948	
 	 	0.2	%	 	737	
 	 	0.7	%	 	—	
 	 	0.0	%	
20% or more for six months or greater	 	1,844	
 	 	0.3	%	 	1,243	
 	 	0.3	%	 	—	
 	 	0.0	%	 	—	
 	 	0.0	%	 	2	
 	 	0.0	%	
Total	 	$	8,204	
 	
 	1.3	%	
 	$	9,057	
 	
 	2.0	%	
 	$	4,602	
 	
 	1.1	%	
 	$	1,449	
 	
 	1.4	%	
 	$	1,621	
 	
 	1.2	%	

                                        

 	 	Page 24

 
Reinsurance Group of America, Incorporated
Investments
(USD thousands)
Fixed Maturities and Equity Securities Below Amortized Cost
(Excludes Funds Withheld Portfolios)

 	 	As of December 31, 2015	
 	 	Less than 12 months	 	Equal to or greater than 12 months	 	Total	
 	 	Estimated Fair
Value	 	Gross Unrealized
Losses	 	Estimated Fair
Value	 	Gross Unrealized
Losses	 	Estimated Fair
Value	 	Gross Unrealized
Losses	
Investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	6,388,148	
 	 	$	323,961	
 	 	$	294,755	
 	 	$	40,861	
 	 	$	6,682,903	
 	 	$	364,822	
 	
Canadian and Canadian provincial governments	 	122,746	
 	 	2,532	
 	 	—	
 	 	—	
 	 	122,746	
 	 	2,532	
 	
Residential mortgage-backed securities	 	452,297	
 	 	7,036	
 	 	82,314	
 	 	4,057	
 	 	534,611	
 	 	11,093	
 	
Asset-backed securities	 	581,701	
 	 	9,825	
 	 	199,298	
 	 	7,100	
 	 	780,999	
 	 	16,925	
 	
Commercial mortgage-backed securities	 	514,877	
 	 	9,806	
 	 	31,177	
 	 	997	
 	 	546,054	
 	 	10,803	
 	
U.S. government and agencies	 	1,010,387	
 	 	57,718	
 	 	—	
 	 	—	
 	 	1,010,387	
 	 	57,718	
 	
State and political subdivisions	 	157,837	
 	 	5,349	
 	 	13,016	
 	 	3,718	
 	 	170,853	
 	 	9,067	
 	
Other foreign government, supranational, and foreign
government-sponsored enterprises	 	702,962	
 	 	18,279	
 	 	38,379	
 	 	4,206	
 	 	741,341	
 	 	22,485	
 	
Investment grade securities	 	9,930,955	
 	 	434,506	
 	 	658,939	
 	 	60,939	
 	 	10,589,894	
 	 	495,445	

Below investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	554,688	
 	 	71,171	
 	 	114,427	
 	 	31,076	
 	 	669,115	
 	 	102,247	
 	
Residential mortgage-backed securities	 	22,646	
 	 	282	
 	 	7,679	
 	 	298	
 	 	30,325	
 	 	580	
 	
Asset-backed securities	 	6,772	
 	 	201	
 	 	9,335	
 	 	1,250	
 	 	16,107	
 	 	1,451	
 	
Commercial mortgage-backed securities	 	3,253	
 	 	248	
 	 	767	
 	 	117	
 	 	4,020	
 	 	365	
 	
Other foreign government, supranational, and
foreign government-sponsored enterprises	 	60,668	
 	 	7,356	
 	 	31,693	
 	 	11,803	
 	 	92,361	
 	 	19,159	
 	
Below investment grade securities	 	648,027	
 	 	79,258	
 	 	163,901	
 	 	44,544	
 	 	811,928	
 	 	123,802	
 	
Total fixed maturity securities	 	$	10,578,982	
 	 	$	513,764	
 	 	$	822,840	
 	 	$	105,483	
 	 	$	11,401,822	
 	 	$	619,247	

Non-redeemable preferred stock	 	12,331	
 	 	2,175	
 	 	12,191	
 	 	3,787	
 	 	24,522	
 	 	5,962	
 	
Other equity securities	 	38,327	
 	 	2,242	
 	 	—	
 	 	—	
 	 	38,327	
 	 	2,242	
 	
Total equity securities	 	$	50,658	
 	 	$	4,417	
 	 	$	12,191	
 	 	$	3,787	
 	 	$	62,849	
 	 	$	8,204	

 	 	 	 	 	 	 	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	As of December 31, 2014	
 	 	Less than 12 months	 	Equal to or greater than 12 months	 	Total	
 	 	Estimated Fair
Value	 	Gross Unrealized
Losses	 	Estimated Fair
Value	 	Gross Unrealized
Losses	 	Estimated Fair
Value	 	Gross Unrealized
Losses	
Investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	1,225,767	
 	 	$	27,784	
 	 	$	614,294	
 	 	$	30,040	
 	 	$	1,840,061	
 	 	$	57,824	
 	
Canadian and Canadian provincial governments	 	—	
 	 	—	
 	 	1,235	
 	 	7	
 	 	1,235	
 	 	7	
 	
Residential mortgage-backed securities	 	78,864	
 	 	846	
 	 	135,414	
 	 	5,247	
 	 	214,278	
 	 	6,093	
 	
Asset-backed securities	 	332,785	
 	 	4,021	
 	 	109,411	
 	 	4,289	
 	 	442,196	
 	 	8,310	
 	
Commercial mortgage-backed securities	 	78,632	
 	 	564	
 	 	28,375	
 	 	2,461	
 	 	107,007	
 	 	3,025	
 	
U.S. government and agencies	 	81,317	
 	 	89	
 	 	32,959	
 	 	426	
 	 	114,276	
 	 	515	
 	
State and political subdivisions	 	13,780	
 	 	17	
 	 	18,998	
 	 	3,438	
 	 	32,778	
 	 	3,455	
 	
Other foreign government, supranational, and foreign government-sponsored enterprises	 	156,725	
 	 	7,007	
 	 	76,111	
 	 	2,946	
 	 	232,836	
 	 	9,953	
 	
Investment grade securities	 	1,967,870	
 	 	40,328	
 	 	1,016,797	
 	 	48,854	
 	 	2,984,667	
 	 	89,182	

Below investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	415,886	
 	 	29,316	
 	 	32,567	
 	 	3,404	
 	 	448,453	
 	 	32,720	
 	
Residential mortgage-backed securities	 	22,836	
 	 	293	
 	 	6,284	
 	 	225	
 	 	29,120	
 	 	518	
 	
Asset-backed securities	 	12,448	
 	 	274	
 	 	7,108	
 	 	1,791	
 	 	19,556	
 	 	2,065	
 	
Commercial mortgage-backed securities	 	3,288	
 	 	249	
 	 	5,580	
 	 	5,385	
 	 	8,868	
 	 	5,634	
 	
State and political subdivisions	 	964	
 	 	43	
 	 	—	
 	 	—	
 	 	964	
 	 	43	
 	
Other foreign government, supranational, and
foreign government-sponsored enterprises	 	13,986	
 	 	3,136	
 	 	—	
 	 	—	
 	 	13,986	
 	 	3,136	
 	
Below investment grade securities	 	469,408	
 	 	33,311	
 	 	51,539	
 	 	10,805	
 	 	520,947	
 	 	44,116	
 	
Total fixed maturity securities	 	$	2,437,278	
 	 	$	73,639	
 	 	$	1,068,336	
 	 	$	59,659	
 	 	$	3,505,614	
 	 	$	133,298	

Non-redeemable preferred stock	 	11,619	
 	 	235	
 	 	19,100	
 	 	1,292	
 	 	30,719	
 	 	1,527	
 	
Other equity securities	 	—	
 	 	—	
 	 	3,545	
 	 	94	
 	 	3,545	
 	 	94	
 	
Total equity securities	 	$	11,619	
 	 	$	235	
 	 	$	22,645	
 	 	$	1,386	
 	 	$	34,264	
 	 	$	1,621	

                                        

 	 	Page 25

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Consolidated Investment Related Gains and Losses	 	

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	 	 	 	 	Dec. 31,	 	Dec. 31,	 	 	 	 	 	 	
 	 	2015	 	2015	 	2015	 	2015	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
Fixed Maturity and Equity Securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other-than-temporary impairment losses on fixed maturities	 	$	(27,605	)	 	$	(23,111	)	 	$	(4,137	)	 	$	(2,527	)	 	$	(6,347	)	 	$	(21,258	)	 	 	 	$	(57,380	)	 	$	(7,766	)	 	$	(49,614	)	 	 	 	 	 	 	
Gain on investment activity	 	20,077	
 	 	13,792	
 	 	20,009	
 	 	19,201	
 	 	13,662	
 	 	6,415	
 	 	 	 	73,079	
 	 	65,435	
 	 	7,644	
 	 	 	 	 	 	 	
Loss on investment activity	 	(21,636	)	 	(22,186	)	 	(14,475	)	 	(13,596	)	 	(11,480	)	 	(10,156	)	 	 	 	(71,893	)	 	(31,295	)	 	(40,598	)	 	 	 	 	 	 	
Net gain/(loss) on fixed maturity and equity securities	 	(29,164	)	 	(31,505	)	 	1,397	
 	 	3,078	
 	 	(4,165	)	 	(24,999	)	 	 	 	(56,194	)	 	26,374	
 	 	(82,568	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other impairment losses and change in mortgage loan provision	 	(2,292	)	 	(636	)	 	143	
 	 	(4,168	)	 	371	
 	 	(2,663	)	 	 	 	(6,953	)	 	(5,315	)	 	(1,638	)	 	 	 	 	 	 	
Other non-derivative gain/(loss), net	 	11,824	
 	 	(2,006	)	 	976	
 	 	17,375	
 	 	2,759	
 	 	9,065	
 	 	 	 	28,169	
 	 	22,622	
 	 	5,547	

Free-standing Derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Credit default swaps	 	1,253	
 	 	(8,407	)	 	(187	)	 	2,658	
 	 	2,658	
 	 	(1,405	)	 	 	 	(4,683	)	 	3,938	
 	 	(8,621	)	 	 	 	 	 	 	
Interest rate swaps - non-hedged	 	(9,271	)	 	42,014	
 	 	(41,729	)	 	29,344	
 	 	33,812	
 	 	(43,083	)	 	 	 	20,358	
 	 	94,829	
 	 	(74,471	)	 	 	 	 	 	 	
Interest rate swaps - hedged	 	—	
 	 	—	
 	 	—	
 	 	7	
 	 	10	
 	 	(10	)	 	 	 	7	
 	 	19	
 	 	(12	)	 	 	 	 	 	 	
Foreign currency swaps - hedged (1)	 	2,983	
 	 	(2,135	)	 	—	
 	 	—	
 	 	—	
 	 	2,983	
 	 	 	 	848	
 	 	—	
 	 	848	
 	 	 	 	 	 	 	
Futures	 	(6,822	)	 	16,655	
 	 	(2,183	)	 	(7,331	)	 	(6,728	)	 	(94	)	 	 	 	319	
 	 	(9,550	)	 	9,869	
 	 	 	 	 	 	 	
CPI swaps	 	(55	)	 	(250	)	 	168	
 	 	(71	)	 	(536	)	 	481	
 	 	 	 	(208	)	 	(343	)	 	135	
 	 	 	 	 	 	 	
Equity options	 	(21,376	)	 	15,149	
 	 	(2,605	)	 	(8,067	)	 	(5,724	)	 	(15,652	)	 	 	 	(16,899	)	 	(22,472	)	 	5,573	
 	 	 	 	 	 	 	
Currency forwards	 	(214	)	 	707	
 	 	(1,433	)	 	(220	)	 	(5,746	)	 	5,532	
 	 	 	 	(1,160	)	 	(8,691	)	 	7,531	
 	 	 	 	 	 	 	
Bond forwards	 	(911	)	 	610	
 	 	1,495	
 	 	(840	)	 	—	
 	 	(911	)	 	 	 	354	
 	 	—	
 	 	354	
 	 	 	 	 	 	 	
Interest rate options	 	—	
 	 	—	
 	 	—	
 	 	3,276	
 	 	11,490	
 	 	(11,490	)	 	 	 	3,276	
 	 	15,641	
 	 	(12,365	)	 	 	 	 	 	 	
Total free-standing derivatives	 	(34,413	)	 	64,343	
 	 	(46,474	)	 	18,756	
 	 	29,236	
 	 	(63,649	)	 	 	 	2,212	
 	 	73,371	
 	 	(71,159	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Embedded Derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Modified coinsurance and funds withheld treaties	 	(27,201	)	 	(46,169	)	 	(23,098	)	 	(2,325	)	 	(14,523	)	 	(12,678	)	 	 	 	(98,793	)	 	198,365	
 	 	(297,158	)	 	 	 	 	 	 	
GMXB	 	36,437	
 	 	(95,373	)	 	50,878	
 	 	(25,133	)	 	(52,901	)	 	89,338	
 	 	 	 	(33,191	)	 	(129,224	)	 	96,033	
 	 	 	 	 	 	 	
Total embedded derivatives	 	9,236	
 	 	(141,542	)	 	27,780	
 	 	(27,458	)	 	(67,424	)	 	76,660	
 	 	 	 	(131,984	)	 	69,141	
 	 	(201,125	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gain/(loss) on total derivatives	 	(25,177	)	 	(77,199	)	 	(18,694	)	 	(8,702	)	 	(38,188	)	 	13,011	
 	 	 	 	(129,772	)	 	142,512	
 	 	(272,284	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment related gains / (losses), net	 	$	(44,809	)	 	$	(111,346	)	 	$	(16,178	)	 	$	7,583	
 	 	$	(39,223	)	 	$	(5,586	)	 	 	 	$	(164,750	)	 	$	186,193	
 	 	$	(350,943	)	 	 	 	 	 	 	
(1) The company recognizes gains and losses on derivatives and the related hedged items in fair value hedges within net gains/(losses) on total derivatives.	 	 	 	 	 	 	

                                        

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